Merrimac Ventures and BH3 Management Join Forces For New Development on Watson Island

BH3 Management and Merrimac Ventures, two of South Florida’s leading development firms, have teamed up to execute the City of Miami’s long-held vision of a thriving destination on Watson Island. The joint venture will draw upon their deep local roots and collective expertise to bring to life 10.7 acres of land on the island, which is one of the most vital properties in South Florida, situated along Biscayne Bay midway between Downtown Miami and Miami Beach.

The BH3 Management and Merrimac Ventures JV acquired the lease from Mehmet Bayraktar’s Flagstone Property Group who first acquired the rights to develop the land via Miami voters in a city-owned land referendum in 2001. Flagstone Property Group was able to complete the Island Gardens Mega-Yacht Marina but failed to complete the proposed mixed-use development which is set to include hotels and retail. The lease then went through a series of dramas including the City Commission voting to end the lease with Flagstone Property Group who used the city and ultimately the city entered an agreement to pay the developer $20 million.

The transaction between the BH3 Management and Merrimac Ventures JV with Flagstone Property Group was brokered by Alex Zylberglait on behalf of Marcus & Millichap and does not include the Island Gardens Mega-Yacht Marina. The Joint Venture now holds the 75-year lease paying $2 million in annual rent to the City of Miami.

Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to BH3 Management and Merrimac Ventures. In the coming months, the development team will be evaluating how this portion of Watson Island can be designed, curated and programmed to deliver public benefits while aligning with today’s market.

Benefiting from a long track record of bringing signature developments to life, the joint venture has deep experience undertaking transformative projects and creating regional destinations. BH3 Management, led by principals Daniel Lebensohn and Gregory Freedman, has developed more than 4 million square feet of commercial real estate including Privé at Island Estates in Aventura, and has deployed in excess of $2 billion of capital since its inception.

“Watson Island is one of the City of Miami’s most important and well-situated properties, yet it’s also one of its most underutilized assets,” said Greg Freedman, Principal at BH3 Management. “For two decades, Miami residents have been anticipating the creation of a mixed-use development at this site, and now that vision will come together. Our plans for Watson Island will deliver an amenity for nearby residents, as well as a destination for visitors from across South Florida and around the world.”

Merrimac Ventures, led by brothers Nitin and Dev Motwani, is currently developing assets valued above $3 billion and its principals have led some of the largest real estate developments in South Florida, including the $4 billion, 27-acre Miami Worldcenter in Downtown Miami; the Four Seasons Fort Lauderdale Hotel and Residences; Paramount-branded condominiums in Miami and Fort Lauderdale; and the Las Olas Riverfront.

“The development of Watson Island is an opportunity to rethink the way people can access this beautiful site, which offers unobstructed vantage points featuring the Downtown Miami skyline, Biscayne Bay, Museum Park, and the cruise ships at PortMiami,” said Nitin Motwani, Principal at Merrimac Ventures. “Miami is synonymous with the water, and yet there are surprisingly few places where residents and visitors can access the waterfront. Our plans for Watson Island will be centered around public space and the site’s bayfront setting, offering some of the best views in all of Miami.”

Miami voters initially approved plans for the privately-funded development of City-owned land on Watson Island back in 2001, and the lease on the property was most recently modified in 2019. A site plan is already approved, combining hotel, retail, and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters previously approved, ushering in investments in quality-of-life, resiliency, and infrastructure improvements – without putting a burden on taxpayers.

Check Out The World-Class Kobi Karp-Designed Amenities At PPG Development's Slate Hallandale Beach

The Kobi Karp-designed Slate Hallandale Beach, a recently completed high-rise luxury rental property developed by Ari Pearl’s PPG Development, offers an unparalleled elevated living experience in Hallandale Beach, Florida. The project owned in partnership with BH3 Management and is open to residents. The 26-story luxury rental community with 250 modern residences is located at 101 Diplomat Parkway in Hallandale Beach.

Slate’s debut this past summer marked the first time Hallandale Beach has seen a rental development of this caliber. Delivering 20,000 square feet of amenities and $18,000/month penthouses make it unlike any other apartment community in South Florida, including a golf simulator, tennis courts, a wine cellar with personal storage for residents, concierge, valet and fully-loaded fitness facilities with Pilates equipment, Hydrow rowers and more.

Designed by Kobi Karp Architects & Interior Design, Slate Hallandale Beach offers an elevated living experience beyond comparison, bringing NYC-style ultra luxury rentals to South Florida and represents another milestone for Hallandale Beach as the city continues to allure residents with its fantastic beaches, world-class dining and entertainment and unparalleled residential offerings. The project is part of a $500-million makeover of the Diplomat Golf Resort & Tennis Club into The Shell Bay Club, which includes an Auberge Resorts hotel and brand new Greg Norman-designed 18-hole course.

The thoughtfully designed floor plans range from one to four bedrooms and offer stunning views with spacious open-floor plans, sweeping 10-foot ceilings and expansive terraces with floor-to-ceiling glass windows and doors for seamless indoor and outdoor living. Well-appointed, modern design elements are incorporated throughout the interiors with sleek finishes, top-of-the-line Samsung energy efficient appliances, quartz stone waterfall edge kitchen islands, luxurious bathrooms with floating vanities, glass-enclosed showers and soaking tubs in some units. A limited selection of penthouse units feature 14-foot ceilings and breathtaking views of the Atlantic Ocean and Intracoastal Waterway.

Slate Hallandale Beach offers a sophisticated blend of sustainability and modern grandeur, the building enhances the lifestyle of residents through more than 20,000 square feet of resort-inspired amenities and first-class services in the heart of Hallandale Beach. The amenities are designed for any golf enthusiast and fitness junkie, featuring as a golf simulator, state-of-the-art fitness facilities, tennis courts, and more.

Residents at Slate have access to one of the most diverse and well-rounded fitness facilities ever seen in a rental community outside of NYC. The fitness center features a training room for individual workouts with a Pilates reformer and chair, Echelon Reflect smart fitness mirror, Nexersys boxing trainer, boxing bag, TRX suspension system and more cardio room with Hydrow rowers and Echelon cycling bikes strength conditioning room with resistance machines and free weights.

The lavish spa lounge offers a sauna and massage treatment rooms. Slate also offers a spa soaking hot tub for residents catching rays outdoors by its expansive resort-style outdoor pool and cabanas.

Rounding out the offerings are a game lounge and kid’s playroom, golf simulation room, business center and conference room, movie theater, event space, wine cellar with personal lockers available for reservation, as well as a dedicated pet area and grooming station, a dog park, an electric car-charging station, and a bicycle station. On-site valet, a concierge and a 24-hour doorman provide residents and their guests with exceptional security and service.

Slate Hallandale Beach overlooks The Shell Bay Club, the first new golf course in the Miami area in over 25 years. Shell Bay represents the new frontier of elite clubs, bespoke residences, and elevated wellness and leisure, offering one of the most exclusive private members clubs in North America. The Shell Bay Club includes a 7,250-yard championship golf course designed by Greg Norman, a 12-acre practice facility with a 9-hole par 3 course, a premier racquet center with four Grand Slam tennis surfaces, pickle ball courts, and padel courts, a 48-slip private yacht club, and a private Member’s Clubhouse with a spa and performance fitness center.

Ari Pearl's PPG Development Delivers The Kobi Karp-Designed Slate Hallandale Beach

Ari Pearl has delivered the Kobi Karp-designed Slate Hallandale Beach, a recently completed high-rise luxury rental property that offers an unparalleled elevated living experience in Hallandale Beach, Florida. The project was developed by PPG Development and owned in partnership with BH3 Management. The 26-story luxury rental community with 250 modern residences is located at 101 Diplomat Parkway, Hallandale Beach, FL 33009.

Designed by Kobi Karp Architects & Interior Design, Slate Hallandale Beach offers an elevated living experience beyond comparison, delivering thoughtfully designed floor plans ranging from one to four bedrooms, welcoming residents to bask in luxurious living. Featuring a sophisticated blend of sustainability and modern grandeur, the building enhances the lifestyle of residents through more than 20,000 square feet of resort-inspired amenities and first-class services in the heart of Hallandale Beach. Leasing is underway with immediate availability for occupancy at the completed development, which began accepting reservations in spring 2022.

Slate boasts a cutting-edge, sustainable design to maximize both comfort and privacy. Every residence at Slate features stunning views with spacious open-floor plans, sweeping 10-foot ceilings and expansive terraces with floor-to-ceiling glass windows and doors for seamless indoor and outdoor living. Well-appointed, modern design elements are incorporated throughout the interiors with sleek finishes, top-of-the-line Samsung energy efficient appliances, quartz stone waterfall edge kitchen islands, luxurious bathrooms with floating vanities, glass-enclosed showers and soaking tubs in some units. A limited selection of penthouse units boast 14-foot ceilings and breathtaking views of the Atlantic Ocean and Intracoastal Waterway.

“Slate’s opening represents another milestone for Hallandale Beach and for South Florida as the state continues to allure residents with its fantastic beaches, world-class dining and entertainment and unparalleled residential offerings,” said Ari Pearl, founder and CEO of PPG Development. “Hallandale Beach has always been a desirable location full of possibilities, but never had a development of this caliber offering expansive, resort-inspired amenities and stylish modern residences combined with the convenience and flexibility of living in a rental community. This state-of-the-art development sets the bar even higher, offering thoughtfully designed homes with exceptional finishes and a wealth of outstanding amenities rarely found outside of condominiums.”

Beyond the residences, Slate’s collection of curated amenities and professional staff provide an array of distinctive lifestyle enhancements and experiences for children and adults, spanning from wellness to relaxation to business. A state-of-the art fitness center offers a cardio room with top-of-the-line equipment including Hydrow rowers and Echelon cycling bikes, a strength conditioning room with resistance machines and free weights, and a training room for individual workouts with high-end equipment including a Pilates reformer and chair, Echelon Reflect smart fitness mirror, Nexersys boxing trainer, boxing bag, TRX suspension system and more. An expansive outdoor pool with cabanas, a spa soaking hot tub, concessions wait staff and outdoor tennis courts provide the ultimate outdoor oasis for fun in the sun. Residents can unwind and recharge in the spa lounge, which has a sauna, steam room and private massage treatment rooms.

Rounding out the offerings are a game lounge and kid’s playroom, golf simulation room, business center and conference room, movie theater, event space, wine cellar with personal lockers available for reservation, as well as a dedicated pet area and grooming station, a dog park, an electric car-charging station, and a bicycle station. On-site valet, a concierge and a 24-hour doorman provide residents and their guests with exceptional security and service. The development will also overlook a brand new 18-hole golf course designed by Greg Norman along with an exclusive country club.

“Every single inch of each common area and residence at Slate is impeccably designed with beautiful condo finishes that appeal to the most discerning taste,” said Randy Weisburd, COO of Atlantic Pacific Companies, who’s handling the leasing and management of the property. “Breathtaking views, spacious open-floor plans, outdoor terraces, expansive ceilings, sleek finishes, top-of-the-line Samsung appliances and generous closet space are just a few of the standout elements that make Slate unlike any other community in South Florida. We could not be happier with this exceptional development and we look forward to welcoming residents into their new homes and new community at Slate Hallandale Beach.”

BH3 Starts Demolition On Future Site Of Design 38 Mixed-Use Office Development Coming To Miami Design District

BH3 Management has begun demolition to make room for a new nine-story, 90,000-square-foot retail, showroom and office development at 3801 N. Miami Ave designed by renowned architectural firm Sieger Suarez in Miami Design District. Dubbed Design 38, the project is positioned at the southwestern entrance to the Miami Design District. Construction is slated to commence this summer.

Design 38 will feature 25-foot ceilings on ground level and 14-foot ceilings on floors 2 through 9. Tenants will enjoy open floor plans with great branding visibility, including the opportunity for naming rights with Interstate 195 exposure. Rents vary based on the floor, but average approximately $70 per square foot for typical floors on a triple-net basis. Several letters of intent from notable tenants are already in place.

“Design 38 is poised to satisfy the pent-up demand of retailers, fashion brands, showrooms, studios, and office space users that want to be in the Design District, but don’t require ground-floor locations or the higher rents associated with them,” said Gregory Freedman, Co-Founder and Co-CEO of BH3.

Miami Design District is one of the hottest neighborhoods in the world, home to a number of luxury fashion houses, art galleries, fine dining experiences, and cafés. The open-air, pedestrian-friendly neighborhood, known for its many distinct and artistic façades, notably boasts a highly energy-efficient infrastructure and became the first neighborhood in the world to achieve the Gold level (LEED ND: Built v4 Gold). The neighborhood was inspired by the worlds leading shopping districts including Fifth Avenue and Rodeo Drive and visitors can enjoy mature canopy-covered streets and walkways, sculptural specimen trees, and extensive rooftop gardens.

Adjacent to Design 38, a planned 15-story, 180,000-square-foot office project, The Ursa, was recently announced and will be developed by Miami Design District Associates, a partnership of Dacra, L Catteron Real Estate, and Brookfield Properties.

“Combined, Design 38 and The Ursa solidify the relevance of North Miami Avenue as the vertical core for Miami Design District,” Freedman added.

Design 38 will accept cryptocurrency as an option for lease payments. “With Miami emerging as the cryptocurrency capital of the world, accepting it as a form of lease payment is a timely point of differentiation for potential tenants,” said Daniel Lebensohn, Co-Founder and Co-CEO of BH3.”

JLL Senior Vice President & South Florida Retail Lead Zach Winkler, Senior Associate Jonathan Rosen, and Associate Lee Koniver have been tapped to spearhead leasing for the project on behalf of BH3.

Crixus BH3 Acquisition Company Announces Pricing Of $200 Million Initial Public Offering

Crixus BH3 Acquisition Company (the “Company”) today announced the pricing of its initial public offering (“IPO”) of 20,000,000 units, at a price of $10.00 per unit. The units will be listed on the Nasdaq Global Market (the “Nasdaq”) and trade under the ticker symbol “BHACU” beginning October 5, 2021. The Crixus BH3 Acquisition Company SPAC (special-purpose acquisition company) was formed by real estate investment and development firm BH3 Management and is led by co-CEOs Gregory Freedman and Daniel Lebensohn.

Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and public warrants will be listed on the Nasdaq under the symbols “BHAC” and “BHACW,” respectively.

The Company is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a merger opportunity in any industry or sector, it intends to focus its efforts on businesses that manage, finance, operate, construct, control, own or support real estate or which derive a large component of revenue from real estate, construction or infrastructure related activities.

Guggenheim Securities, LLC and BTIG, LLC are serving as joint bookrunners and underwriters for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price less the underwriting discount to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus related to the IPO may be obtained, when available, from Guggenheim Securities, LLC, 330 Madison Avenue, New York, NY, 10017, Attn: Equity Syndicate, telephone: (212) 518-9544 or email: GSEquityProspectusDelivery@guggenheimpartners.com., or BTIG, LLC, 65 East 55th Street, New York, New York 10022, or email: ProspectusDelivery@btig.com.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on October 4, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is expected to close on October 7, 2021, subject to customary closing conditions.

Closings Begin At Privé at Island Estates In Aventura Despite Pending Litigation

Privé at Island Estates in Aventura has begun closings despite pending litigation. The luxury condo project has seen it all from a court ruling that a sidewalk built through homeowners properties as an easement was illegal to Dara Clarke, a resident whose property was used possibly used for the sidewalk, staging a sit-in that ended up in her and her husband driving a Porsche and BMW through freshly poured concrete and the couple ending up in jail. Privé at Island Estates is nearly 80% sold and has received a temporary certificate of approval (TCO) for the first tower with the second tower expected to receive its TCO soon. The towers first topped off in the fall of 2016. Privé at Island Estates features 160 luxury condo units with a total sellout of about $500 million. Pricing starts at $2.1 million and 2,585 SF. 

Privé at Island Estates is being developed by Gary Cohen and BH3. The 16-story, 2 tower project was designed by Sieger Suarez Architects with interiors by Steven G.The development offers five-star resort-style amenities with 70,000 SF of public space, including a 10,000 SF gym and spa in each tower, a full-circuit running path tracing the shoreline of the island, outdoor summer kitchens and dining terraces, a private jetty, 2 expansive lap pools, a poolside café, wine and cigar rooms, a tennis court, multiple pools, jacuzzis, and a private marina; all located on an 8 acre island.