Miami’s Waterfront Island Gardens Venue Sold to Become Condominium

Miami’s rapid development trajectory reached one of its most prominent waterfront locations: the Flagstone Island Gardens site on Watson Island. This site currently houses the mega-yacht marina and event venue. Following a landmark sale and voter approval, the site is slated for a massive redevelopment. Developers will introduce a new mixed-use project, Watson Harbour, featuring the new Island Gardens Condo Development and luxury residences. The End of an Era for Island Gardens Island Gardens has been a beloved special events venue for many years, hosting events like Zamna, Circoloco, deadmau5 Day of the Dead, and elrow over the years. The 10.8-acre site, located at 888 MacArthur Causeway, has long been a key piece of Miami’s waterfront. In 2023, a joint venture between BH3 Management and Merrimac Ventures acquired the long-term lease for the property. This acquisition paved the way for a revised vision for the prime location, shifting away from prior proposals. The developers successfully gained approval through a public referendum. This allows them to proceed with updated plans that drastically alter the site’s function. Key Features of the Watson Harbour Project The new project, dubbed Watson Harbour, is a comprehensive mixed-use development. It aims to fully revitalize the waterfront parcel. Key components of the approved plan include: Residential Condominiums: The most significant change involves replacing the 105 previously approved timeshare units with luxury condominium residences. This addresses the high demand for exclusive Miami waterfront living and creates the new Island Gardens Condo Development. Two New Hotels: The development will feature two separate hotels, alongside new retail, dining, and office spaces. Extended Lease: The deal also extends the site’s lease agreement from 75 to 99 years. This provides long-term stability for the multi-million dollar development. Expanded Public Waterfront Access Despite the massive scale of the private development, the deal emphasizes significant public benefits. The developers committed to transforming a substantial portion of the area for community use. The plans call for building a 1,000-foot waterfront promenade along Biscayne Bay. This will create new public access and walkable green space for residents and visitors alike. Furthermore, the agreement includes a community benefits package. Notably, this features a $9 million contribution earmarked for affordable housing and city infrastructure improvements. The redevelopment of Island Gardens shows the intense competition for prime waterfront real estate in South Florida. Developers seek to maximize the value of irreplaceable sites through luxury residential conversions. Construction on the new Watson Harbour project is set to begin soon. It promises to dramatically reshape the Miami skyline and the public’s interaction with Watson Island. The post Miami’s Waterfront Island Gardens Venue Sold to Become Condominium appeared first on EDMTunes.