Fort Partners Joins BH3, Merrimac on Watson Island's Watson Harbour
A third major developer buying into the voter-approved Watson Island site signals the megaproject is now fully capitalized and moving toward vertical construction.
Nadim Ashi’s Fort Partners has joined BH3 Management and Merrimac Ventures on Watson Harbour, the mixed-use redevelopment of southern Watson Island in Miami, The Real Deal reported. Fort Partners’ name surfaced in Miami-Dade public records tied to the project roughly a year ago, through a recorded project declaration and assignment of rights, but the firm’s involvement had not previously been reported. BH3 and Merrimac confirmed the partnership in a joint statement; Fort Partners’ role is expected to center on the hotel and residential components.
Why it matters
A third major developer buying into an already voter-approved 10.8-acre bayfront site is a signal, not a footnote. Watson Harbour cleared its referendum in November 2024 and its city-commission land sale in 2025, the two gates that kill most Miami waterfront megaprojects before they break ground. Fort Partners adding capital and hospitality expertise now, rather than waiting for vertical permits, tells anyone underwriting Miami waterfront supply that the project is fully backed and moving on a real timeline, not stalled in the entitlement stage the way its predecessor site sat for two decades. Fort Partners built or bought every Four Seasons-branded project in the region and is already Merrimac’s partner on the Four Seasons Resort and Residences Telluride, giving Watson Harbour a hospitality operator’s discipline alongside BH3’s investment and development bench.
The numbers
BH3 and Merrimac formed their joint venture in 2023 to take over the 10.8-acre leasehold from prior developer Flagstone Property Group. In November 2024, 62 percent of Miami voters approved extending the underlying lease from 75 to 99 years and authorizing the redevelopment plan, which replaces roughly 105 timeshare units with new condominiums alongside two hotels totaling about 500 rooms, plus retail and office space. The Miami City Commission approved a $29 million sale of a 3.2-acre parcel on the site in 2025, and the developers are committing $9 million toward affordable housing and infrastructure improvements. The remaining 7-plus acres will stay under a long-term city lease rather than sale.
What’s next
The city of Miami has not yet responded to a public-records request for details on Fort Partners’ specific role, and Ashi could not immediately be reached for comment when The Real Deal broke the story. The next milestone to watch is a construction-permit filing at 888 MacArthur Causeway, which would put a hard date and dollar figure on when Watson Harbour’s hotel and condo towers actually start climbing.