Happy Thursday, Miami!

In this week’s update:

🌉 Virginia Bridge: The new span will boost passenger rail service capacity over the Potomac River and relieve one of the largest rail traffic bottlenecks on the East Coast. 

🏢 Vida Hotel & Residences: The nine-story building will feature 138 condo units, with short-term rentals permitted. The units will range from 387-square-foot studios to 1,681 square feet with three bedrooms.

🏨 Watson Island sees condos, and hotels: The prime waterfront land on the 86-acre artificial island, originally deeded to the city for public use, has been slated for redevelopment for 20 years.

In case you missed it

🎥 How the Presidential Election Could Change the Miami Housing Market in 2024

How will the 2024 Presidential Election impact Miami's housing market? In this video, we cover key factors buyers and sellers need to know.

🏨 Voters to Decide if Watson Island Sees Condos, Hotels

Driving the news: Two major redevelopment projects for Watson Island are on the Nov. 5 ballot. They aim to transform the prime waterfront area into a hub with condos, hotels, and a public park. These proposals mark a potential shift for the island, which has been slated for redevelopment for the last twenty years.

Details:

• Jungle Island Redevelopment (Referendum 2): Developers ESJ Capital Partners and Terra plan to build two 40-story condo towers with 600 units on five acres of Jungle Island, while converting 13 acres into a public park.
  
  They’ll pay Miami $135 million, contribute $15 million for public benefits, and provide $2 million annually for park upkeep, along with a pedestrian connection to the south side of Watson Island.

• Watson Harbour Development (Referendum 3): Merrimac Ventures and BH3 Management plan to build two towers, a 375-foot lifestyle hotel and a 535-foot luxury hotel, with 500 rooms and 100 condos. The project includes a 2.2-acre public promenade, retail, dining, and green spaces.
  
  They’ll pay $25 million for 3.2 acres of public land and contribute $9 million to public infrastructure and affordable housing.

Why it matters: These projects represent a significant opportunity to redevelop Watson Island, creating new housing, public spaces, and economic benefits for Miami. However, the developments also raise questions about the long-term impact on the community and waterfront access.

The big picture: While the proposed developments could revitalize Watson Island, some locals are concerned about preserving public use and preventing over-commercialization. With public input and city approval still pending, the outcome could shape the future of Miami's urban core.

The bottom line: The Nov. 5 vote will determine whether Watson Island's transformation moves forward, bringing potential new amenities and public spaces, while also addressing critical infrastructure and affordable housing needs.

Real Estate Insights

What to do this weekend

 🎊 Miami Carnival (Oct 27) – Expect vibrant costumes, Caribbean food, and live performances from over 20 international artists.

 ⭐ Blush at The Moon Miami (Oct 25) – This Broadway-inspired show featuring live singing, dancing, and acrobatics will take place at The Moon.

🔥 Quavo & Offset Live at E11EVEN (Oct 25 - 26) – The Migos are coming to the city’s hottest club.

🎃 Halloween at The Moss Center (Oct 25) – Enjoy live performances, a haunted house, treats, and fun photo opportunities.

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