Watson Harbour Condos For Sale

Miami has finalized the sale of city-owned land on Watson Island in a deal that promises new luxury residences, 13 acres of public green space overlooking Biscayne Bay and millions in community benefits.

The city commission approved the long-anticipated deal July 24, clearing the way for the mixed-use development to rise on 18.7 acres of city-owned land at 1111 Parrot Jungle Trail. Under the agreement, 5.4 acres will be sold to Ecoresiliency Miami LLC, a joint venture between Terra Group and ESJ Capital, for $135 million to build two residential towers, while the remaining 13.3 acres will be returned to the city and developed as a waterfront public park.

In last week's meeting, Commissioner Damian Pardo, who represents Watson Island, addressed criticism that the city was "giving away" public land. He noted the property was already under a decades-long lease and said the new agreement would return most of the site for public use while revitalizing the rest with residential development.

The residential project is to be completed in two phases. Phase one includes the first condo tower with parking and accessory uses, while phase two consists of the second tower.

Up to 25,000 square feet of retail/commercial space will be built either within the first or second phase at the developers' discretion. The full project encompasses 1.2 million sellable square feet, comprising 400 to 600 units, and is expected to take 30 to 32 months to complete. Construction on the public park is to begin within 18 months, followed by the residential towers.

The public park, covering 10.9 acres of uplands and 2.4 acres of submerged land, is to be designed, funded and built by the developers with a $37 million allowance, with any unused funds returned to the city. It is to focus on biodiversity education and include both active and passive recreation areas. As part of the agreement, the developers are also to construct a harbor master facility and public restrooms. The developers have agreed to long-term financial commitments, including paying $1 million a year per phase (with a 3% yearly increase) to maintain the park, starting five years after the completion of each condo tower.

They must also contribute $17.7 million to pay off a federal HUD loan tied to the original Jungle Island theme park, $700,000 for public marine facilities and $700,000 for upgrades to the Ichimura Miami-Japan Garden. Additionally, they are to fund $500,000 for a master plan of Watson Island, including new pedestrian paths. The Parrot Jungle project is one of two voter-approved developments set to reshape Watson Island. In the November 2024 election, 62% of voters also supported extending the lease and updating development plans for the 10.8-acre Flagstone Island Gardens site on the island's south side at 888 MacArthur Causeway.

The November 2024 referendum allows the lease to extend from 75 to 99 years, replaces 105 timeshare units with condos, and permits co-working office space. While maintaining the originally approved tower heights - 375 feet and 535 feet - the plan reduces overall density in favor of additional open space. The deal, approved by the commission in February, also comes with a community benefits package that includes a $9 million contribution to affordable housing and infrastructure improvements.

Watson Harbour - Building Amenities

To be announced

Watson Harbour - Residence Features

To be announced

Miami Condo Lifestyle

The whole world wants to be in Miami. For the weather, the music, the fashions, the flavor of the tropics infused with a cosmopolitan style found nowhere else on the planet. A business capital with five-star hotels and hip restaurants, jungle gardens and coral reefs. Living in Miami is an endless feast for senses. And living at Watson Harbour puts it within easy reach.

To see which residences are currently available for sale or rent contact the Miami Condo Lifestyle team at (305) 321-7043 for up to the minute information. Join us in Paradise, live life with a view and enjoy the Miami Condo Lifestyle!