HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-25-0526
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 18468 File Type: Resolution
Revision: B
File Name: Execute - PSA - Sale of 3.2 Acre Parcel - Watson
Island
Requesting Dept: Commissioners and Mayor
Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: City Commission
Introduced: 11/5/2025
Final Action Date: 12/11/2025
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BYA
FOUR -FIFTHS (4/STHS)AFFIRMATIVE VOTE, PURSUANT TO SECTION 29-C OF THE
CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, WAIVING
COMPETITIVE BIDDING, AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE
AND EXECUTE AN AGREEMENT FOR PURCHASE AND SALE ( "AGREEMENT" )
WITH IG LUXURY LLC, A DELAWARE LIMITED LIABILITY COMPANY ( "IG
LUXURY" ), A WHOLLY -OWNED INDIRECT SUBSIDIARY OF BH3 IG DEVELOPER
LLC, A DELAWARE LIMITED LIABILITY COMPANY ( "DEVELOPER" ), FOR THE
SALE, UPON SATISFACTION OF CERTAIN CLOSING CONDITIONS SET FORTH IN
THE AGREEMENT, OF A PORTION OF THAT CERTAIN PROPERTY LOCATED AT 888
MACARTHUR CAUSEWAY, MIAMI, FLORIDA, FOLIO 01-3231-061-0010, SUCH
PORTION CONTAINING APPROXIMATELY 3.2 ACRES AND LEGALLY DESCRIBED IN
THE AGREEMENT (THE "PROPERTY" ), FOR A PURCHASE PRICE OF TWENTY-
NINE MILLION DOLLARS ($29,000,000.00), FOR THE DEVELOPMENT OF A PRIVATE
RESIDENTIAL AND HOTEL PROJECT ( "PROJECT" ); FURTHER AUTHORIZING
THE CITY MANAGER TO NEGOTIATE AND EXECUTE A COMMUNITY PUBLIC
BENEFITS AGREEMENT ( "CBA" ) PURSUANT TO WHICH DEVELOPER OR ITS
AFFILIATES WILL PROVIDE CERTAIN COMMUNITY BENEFITS INCLUDING
PAYMENT TO THE CITY OF NINE MILLION DOLLARS ($9,000,000.00) FOR
AFFORDABLE HOUSING AND INFRASTRUCTURE IMPROVEMENTS, ALL SUBJECT
TO THE TERMS AND CONDITIONS SET FORTH IN THE CBA; FURTHER
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A PARTIAL
RELEASE AND MODIFICATION OF THE DEED RESTRICTIONS SET FORTH IN DEED
NO. 19447 ( "STATE DEED" ) BETWEEN THE CITY AND THE STATE OF FLORIDA
INTERNAL IMPROVEMENT TRUST FUND ( "STATE" ); FURTHER AUTHORIZING
APPROVAL OF PAYMENT BY CITY TO THE STATE IN THE AMOUNT OF FOUR
MILLION DOLLARS ($4,000,000.00) IN EXCHANGE FOR THE STATE' S RELEASE
AND MODIFICATION OF RESTRICTIONS SET FORTH IN THE STATE DEED;
FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE AQUITCLAIM DEED
( "DEED" ) CONVEYING THE PROPERTY TO IG LUXURY, IN A FORM ACCEPTABLE
TO THE CITY ATTORNEY; PROVIDING THAT SUCH SALE AND CONVEYANCE BE
SUBJECT TO APPROVAL BY THE STATE THROUGH THE STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION; AUTHORIZING THE CITY
MANAGER TO NEGOTIATE AND EXECUTE OTHER ANCILLARY DOCUMENTS
INCLUDING, BUT NOT LIMITED TO, ESTOPPELS, AMENDMENTS, AND OTHER
DOCUMENTS REASONABLY REQUIRED BY DEVELOPER, IG LUXURY OR THEIR
LENDERS REQUIRED TO EFFECTUATE THE SALE AND DEVELOPMENT OF THE
PROPERTY AS SET FORTH IN THE AGREEMENT AND THE CBA, ALL IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY.
Sponsor(s): Commissioner Damian Pardo
City of Miami Page 1 of 2 Printed on: 1/9/2026
City of Miami
Master Report
Enactment Number: R-25-0526
Notes:
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Links:
Attachments: 18468 Exhibit A (PDF)
18468 Exhibit B SUB (PDF)
18468 Exhibit C SUB (PDF)
18468 Notice to the Public CC 11/20/2025 (PDF)
18468 Notice to the Public (PDF)
18468 Submittal -Elvis Cruz -Double Density and Watson Island SAP COMCC Keynote (PDF)
18468 Submittal -City Manager -Proposed Amendment (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Andrew Frey 11/5/2025 DREAM Review Completed
Legislative Division 11/10/2025 Legislative Division Review Completed
Leon P Michel 11/10/2025 Budget Review Completed
James Brako 11/10/2025 ACA Review Completed
City Commission 11/20/2025 Meeting Completed
City Commission 11/20/2025 CONTINUED Passed
City Commission 12/11/2025 Meeting Completed
City Commission 12/11/2025 ADOPTED WITH Passed
MODIFICATION(S)
Mayor's Office 12/11/2025 Signed by the Mayor Completed
City Clerk's Office 12/11/2025 Signed and Attested by the City Completed
Clerk
B Legislative Division 12/22/2025 Legislative Division Review Completed
B James Brako 12/24/2025 ACA Review Completed
B George K. Wysong III 12/24/2025 Approved Form and Completed
Correctness with Modification(s)
B City Clerk's Office 12/26/2025 Rendered Completed
City of Miami Page 2 of 2 Printed on: 1/9/2026