On the last meeting of the current Miami City Commission, elected officials voted to sell to developers a parcel of city-owned land one commissioner called the city's "most valuable asset" for $29 million.
In a 4-1 vote, commissioners sold land on Watson Island, the land in Biscayne Bay home to Miami Children's Museum and Jungle Island, to developer BH3 Merrimac — which intends to build luxury condos. The developer must pay the city an additional $9 million for affordable housing initiatives.
Outgoing Commissioner Joe Carollo had previously called for more scrutiny on the deal, but voted in favor of the sale in the end.
"The most valuable piece of land the City of Miami has, by far, is Watson Island," said Commissioner Joe Carollo from the dais. " I don't want to stop this development. I want them to go forward and make their money, but I wanna make sure that the city's getting a fair shake for the future," he said at a meeting in November.
READ MORE: Miami delays multi-million dollar sale of Watson Island land to developers
The sale was criticized by residents who said the Miami was not getting the full value of the 3.2 acre parcel. Two appraisals commissioned by the city valued the property at between $100 million and $340 million including all property rights.
The city administration, however, says they were restricted by a land lease on the property which does not allow them to sell the property "fee simple," meaning with full ownership rights. Critics worry the developers will have the opportunity to flip the property for the full price after buying it from the city for $29 million, leaving taxpayers without the most bang for their buck.
"Nothing stops them from turning around the next day and selling the property for $250 to $350 million: the true, fair market value," said Gregory Frankel, an attorney and Coconut Grove resident.
At the urging of Commissioner Miguel Gabela, the city added additional stipulations to the sale, requiring the developer to pay the city a penalty if it sells the property to a third party. BH3 Merrimac would have to pay the city 10% of the subsequent sale price, minus the $38 million the city is already getting for the property.
Commissioner Ralph Rosado was the sole "no vote" on the sale. He had intended to push the vote to a subsequent meeting in January and renegotiate the deal, but his motion died with no support from his colleagues.
Francis Suarez
At the same meeting, outgoing Mayor Francis Suarez reflected on his eight years in office before he is replaced by Mayor-elect Eileen Higgins on Dec. 18.
"It's wonderful to look out into this audience for the last time as your mayor. It's humbling and I was just sharing what an incredible experience this has been and what an incredible job this is to serve all of you in what I believe is the greatest city in the world," Suarez said from the dais.
READ MORE: Miami mayor gives his last State of the City address
Suarez then took time to honor several city employees who worked during his tenure, including City Manager Art Noriega, whom Suarez appointed in 2020.
Suarez was elected Mayor for the first time in 2017 following a stint as city commissioner. He will leave behind a legacy of inviting big tech and cryptocurrency to Miami through his "How Can I Help?" campaign, and a series of large-scale sales of city land for development projects such as the Freedom Park MLS stadium.
