Construction firm to start work on Island Gardens

Flagstone Property Group has selected the Clark Construction Group to be general contractor and construction manager for its mixed-use property and super-yacht harbor project in Miami. The partners put construction costs at $300 million.

The work, to be done by the Tampa office of the Bethesda, Md.-based construction firm, is part of what promoters are saying will be a $480 million mixed-use destination by 2008.

Designed by London-based concept architect Eric Kuhne & Associates and Spillis Candela DMJM of Coral Gables, the waterfront project is to have:

* a luxury hotel tower with 147 rooms and 105 fractional residences
* an upscale business hotel tower with 350 rooms with meeting and banquet facilities
* a 50-slip super-yacht harbor
* more than 220,000 square feet of retail shops and restaurants, plus a spa
* expansive gardens and galleries
* a 1,600-space parking garage

Cultural partners for the project are Fairchild Tropical Botanic Garden and the Historical Museum of South Florida.

"We are committed to creating a true international landmark by building Island Gardens," said Mehmet Bayraktar, chairman and chief executive officer of Miami Beach-based Flagstone Property Group. "We are extremely pleased to add Clark Construction to our team, as they are among the most qualified construction companies for such a project. Their incredible track record of completed projects speaks for itself."

http://southflorida.bizjournals.com/southflorida/stories/2005/09/26/daily24.html?t=printable

http://www.flagstonegroup.com/

September 28, 2005 10:00 AM US Eastern Timezone

Announcing the Westin Miami at Island Gardens; Westin to Be Cornerstone of Miami's Premier Waterfront Development

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Sept. 28, 2005--Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) and Flagstone Property Group today announced plans for a spectacular 350-room Westin hotel on Miami's Watson Island. Situated on Biscayne Bay with 360 degree views of the "Magic City" and its magnificent beaches, the hotel will be part of the $480-million mixed-use Island Gardens project. In addition to Westin's signature services and amenities, distinctive attributes of the project include a 50-slip "super yacht" harbor; sophisticated shops and restaurants; a world-class destination spa plus luxury fractional residences all adorned by expansive gardens and galleries. The Westin Miami at Island Gardens is due to open in early 2008.

"We are excited to bring one of the most recognizable names in hospitality, the upper-upscale Westin brand to the City of Miami by becoming a part of Island Gardens," said Sue Brush, Westin Hotels & Resorts senior vice president. "Miami is one of the top destinations in the U.S. and it is an honor to have our first Westin in Miami as the centerpiece of this project."

"By creating Island Gardens on Watson Island, Miami will become a true international gateway to the world and put the city in the highest league of international destinations. Island Gardens will be one of the finest waterfront landmark developments in the world, and the Westin name will create tremendous draw to the development," said Mehmet Bayraktar, Chairman and CEO of Flagstone Property Group. "In a city that entertains nearly ten million tourists and thousands of new residents each year, Island Gardens will prove to be an ideal destination for business and vacation travelers by offering an extraordinary destination with an integrated waterfront ambiance that transforms Miami's premier waterfront site into a destination for everyone."

The hotel is ideally located for leisure visitors who wish to be close to the beaches and enjoy water views. For business travelers, The Westin Miami at Island Gardens will offer the opportunity to stay at a waterfront location with resort amenities, large, modern meeting facilities in excess of 15,000 square feet and multiple dining venues all conveniently located in the immediate proximity of downtown and other points of commerce. Each of the guest rooms and suites of the hotel will enjoy unparalleled views of Miami, the beaches and Biscayne Bay and the signature services, design and products that guests have come to know from Westin including its signature Heavenly Bed(R) and Heavenly Bath(R). Additional guest services will include WestinWORKOUT(R) Powered by Reebok featuring state-of-the-art fitness equipment, Westin Workout guest rooms and Westin Kids Club(R).

Flagstone Property Group is the U.S. property development entity of Mehmet Bayraktar, a leading European mixed-use commercial property developer. Mr. Bayraktar formed Flagstone in early 2001 to establish a U.S. property development portfolio. Details on Flagstone, the management team and its projects are available at www.flagstonegroup.com.

Westin Hotels & Resorts, with 121 hotels and resorts in 31 countries and territories, is owned by Starwood Hotels & Resorts Worldwide, Inc. and was ranked "Highest in Guest Satisfaction Among Upscale Hotels Chains." in the J.D. Power and Associates' 2004 North America Hotel Guest Satisfaction Study(SM) and voted Best Domestic Hotel Chain by Global Traveler Magazine. Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood(R) corporation is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, and W(R), Hotels and Resorts as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com

I think that the construction of this resort sets a horrible precedent. Watson Island was donated to the county under the circumstance that it would be used for benefit of the whole public. The building of this resort is an insult to the people of Miami. I have a lot of respect for the mayor but I don't understand why he is allowing a resort to be built on this island. The only justification is that they are building gardens. If these gardens aren't opened to the public I will be very angry.

i agree with what dgm said,but i really can't think of two many things that you can put there that would be successful,a hotel is a great idea.

What exactly would you rather have there on Watson Island? A resort that will add millions and millions in property taxes, sales taxes, bed taxes to the city's coffers or an ugly strip of barren land used by homeless people and drug addicts?

Cause what's been there for decades, aint working!

I'm one of the very few (it seems) that likes this project!


I'm glad things are solidifying and work is set to start!

That's a good point but it goes to show that government in America uses public lands very ineffectively. It's a shame that the greatest uses of public lands reached a climax over a thousand years ago in the form of greek forums and roman bathhouses. I'm not saying that I want to shower with strangers on Watson Island but that I wish those concepts would have evolved into a modern form that could be implemented in large governmentally owned lands like Virginia Key or Watson Island. Of course there is also a kind of shut-in mentality that has flourished with the growth of suburbs so a forum wouldn't really function well. But, hopefully as people begin to migrate to cities that mentality will begin to fade. From what I've just said I'm sure you guys wouldn't be surprised that the one project I'm most excited about in Miami is Museum Park. Not even potential 1,100 footers, in my opinion, would add more to the city of Miami than Museum Park.

I'm one of the very few (it seems) that likes this project!I'm with you...it is a great use, and it will enhance Miami nicely. Of course I miss buying fresh fish from the fellas on Watson Island, but the Island Gardens project will serve so many more people. I love it.I think that the construction of this resort sets a horrible precedent. The building of this resort is an insult to the people of Miami. I have a lot of respect for the mayor but I don't understand why he is allowing a resort to be built on this island. The only justification is that they are building gardens. If these gardens aren't opened to the public I will be very angry.What? As a person of Miami, I'm not insulted at all... There are more than one justification, logy nails down several million of them! This resort isn't setting any precedent good or bad...If you are looking for a precedent, check out Bayside. That is city land leased by private enterprise...Check out the Rusty Pelican...city land leased by private enterprise. It probably doesn't help much to get very angry...it's been done before, and it'll be done again.
I'd hazard to say that BOTH of the forementioned projects are successful, and they are two great examples of the Government making smart decisions with public land.

It's true that this isn't the first time that the city of Miami has allowed public land to be privately developed. However this is the first time that they've allowed a hotel to be built. Previously the local government has allowed malls, museums and restaurants to be built. Museums and malls are justifiable because they are resources that the public can utilize. I'll let bayside hut and the rusty pelican on virginia key slide because I went to school for 4 years on that island and would have killed myself if i had to always eat cafeteria food. But a hotel?! How many residents of miami will drive down the street to stay in a hotel in their own city? It is in no way for the public. It is for tourists.

It's true that this isn't the first time that the city of Miami has allowed public land to be privately developed. However this is the first time that they've allowed a hotel to be built. Really? How about the Hyatt on the Miami River. The City owns that land.
Previously the local government has allowed malls, museums and restaurants to be built. Museums and malls are justifiable because they are resources that the public can utilize. But a hotel?!Yep...a hotel. But if you study the project a bit more carefully, you will notice that there are several restaurants, a Marina, shops, etc.
How many residents of miami will drive down the street to stay in a hotel in their own city? It is in no way for the public. It is for tourists.I will when it's done! Just spent my birthday weekend in a hotel in my own city.
But guess who is going to work in the shops, restaurants, marina and hotels?? Not tourists DGM. Taxpaying citizens of Miami. In my opinion, paychecks are "resources that the public can utilize".

Wow !!! Love this project !!

The view of downtown Miami from there will be Awsome

:cheers:

Well I researched it a bit and it seems that there will be a new 6 acre park that the developers will help landscape. There will also be a fish market, a "children's model yacht boating pond", sculpture displays, boating and fishing charter boats, and a 100 foot WIDE promenade open to the public. That promenade will undoubtedly have the best view of the city. It seems the lawyers working for the city made sure that there were some public amenities. Anyhow, I found a few pictures that I thought you guys would like.

http://miamirealestatetrends.com/images/starterImages/Images2/IslandGardensMainPic.jpg
http://miamirealestatetrends.com/Images/starterImages/Images2/IslandGardens.jpg
http://miamirealestatetrends.com/Images/starterImages/Images2/IslandGardens4.jpg

But guess who is going to work in the shops, restaurants, marina and hotels?? Not tourists DGM. Taxpaying citizens of Miami. In my opinion, paychecks are "resources that the public can utilize".

Exactly ! i know that this sounds weird to some people but realistically this city/region can not deny its ongoing dependency on tourist economy to generate jobs.
plus if the project were private/residential theyd probably gate off the whole thing and only residents and their guests would be able to utilize this space.
also the hotel and other attractions will probably help to greatly improve the activity at miami childrens and the parrot jungle both of which seem to be kind of slow business wise.
anyways i think it should be bigger flashier and tackier, the seaplanes that used to (or still do?) land there should have more flights - it looks great landing and taking off and itd be a great view from the plane. Also there needs to be variety; one-trick ponies dont do well in this town and variety keeps things successful. (hesitantly awaiting harsh rebuttals)

Isn't this the older rendering?...I remember them changing the design a while back

http://miamirealestatetrends.com/images/starterImages/Images2/IslandGardensMainPic.jpg


I always wanted this one! But I think they changed the design!

this is the new design
http://www.floridaftaa.org/web/official/english/index64.html

I remember that design. I don't see it happening though.

i do its already approved,the height is 513feet

but the ftaa building at the bottom wont be built

The project reminds of the Seaport Village/Manchester Grand Hyatt (the only place I stay in San Diego :) ) project in San Diego. It features a couple of hotels, a public walkway along the waterfront and shops and restaraunts and a marina. All on publicly owned land.

http://www.hyatt.com/hyatt/images/hotels/sanrs/gallery_3.jpg
http://www.hyatt.com/hyatt/images/hotels/sanrs/gallery_14.jpg

The FTAA building was my favorite part of that design. I hope they keep the 100 foot wide promenade from the original design. It's hard to tell if there is one in those renderings.

http://i8.photobucket.com/albums/a31/BornInTheGrove/Highrises/IslandGardens01.jpg

http://i8.photobucket.com/albums/a31/BornInTheGrove/Highrises/IslandGardens02.jpg

http://i8.photobucket.com/albums/a31/BornInTheGrove/Highrises/IslandGardens03.jpg

http://i8.photobucket.com/albums/a31/BornInTheGrove/Highrises/IslandGardens04.jpg

http://i8.photobucket.com/albums/a31/BornInTheGrove/Highrises/IslandGardens05.jpg

http://i8.photobucket.com/albums/a31/BornInTheGrove/Highrises/IslandGardens06.jpg

Guys, that is the old design. It is now a little taller:

http://www.ci.miami.fl.us/economicdevelopment/Projects/Images/Rendering_011504W.jpg

Upscale Asian hotel to open on Watson Island

By Suzy Valentine

Another upscale Asian hotel is coming to Miami, entering the US market through a venture on Watson Island.
A 147-room Shangri-La Hotel is to form part of Island Gardens, a $480 million Flagstone Property Group project that also is to feature a business hotel, Westin Miami.
This week, Shangri-La Hotels and Resorts announced plans to open in Chicago in 2009, a year after projected completion of the Miami property - its first venture outside Asia Pacific and the Middle East.
The group is based in Hong Kong, home to the Mandarin Oriental Hotel Group, which chose an island location on Brickell Key for its Miami hotel that opened in 2000.
The groups are targeting similar markets.
Mandarin Oriental will open in Chicago in 2008, a year before the Shangri-La.
Swire Properties clinched the deal to build the Mandarin Oriental in Miami on land it owns on Brickell Key. A senior Swire executive said that move, plus the presence of a major Asia-oriented bank, made the city more attractive to companies from the Far East.
"I think there will be greater interest on the part of Asian businesses," said Megan Kelly, vice president of Swire Properties. "The Mandarin Oriental and HSBC have huge visibility and act as beacons to other Far East interests. By persuading a hotel of the caliber of the Mandarin Oriental to come to Miami, Swire has validated this market for Asian businesses."
A hotel representative said the property blazed a trail for high-end brands.
"Mandarin Oriental was the first luxury hotel group to discover Miami," said Jorge Gonzalez, the hotel's general manager. "We saw the city as a high-growth market and as an international gateway.
"It's not that Miami has become a destination for Asian companies," said Mr. Gonzalez. "These few luxury Asian companies have now realized that Miami is a destination that can accommodate other luxury brands. After our five successful years of doing business in Miami, other companies are now seeing its great growth potential."
Another chain with a Hong Kong base has two condo-hotel offerings in the works in Miami-Dade County.
Regent International Hotels, founded in the former British territory in 1970, is to open Regent South Beach this fall. Regent Bal Harbour, a WCI Communities project, is to follow next year.
Even where there isn't an Asian link, developers are still looking to the Far East for inspiration.
Two weeks ago, the developers of a 21-story, 134-unit condominium project in Miami Beach unveiled blueprints for the project's interiors at an event at the Mandarin Oriental.
New York-based PMG Collins - a subsidiary of Property Markets Group - is using Hirsch Bedner Associates, the designer that worked on the hotel, for a development called Mei, meaning "beauty" in Chinese. The developer toyed with the name Tao but rejected it after having learned it is being used in the north of the state.
The 5875 Collins Ave. property is to feature a library, lobby and tearoom. Mei is slated for completion in spring 2007.

http://www.miamitodaynews.com/news/051006/story7.shtml

now thats damn interesting...

Has anybody seen today's Miami Herald Business section... they talk about the new hotel and they have a new rendering of Island Gardens... looks nice :)

http://i8.photobucket.com/albums/a31/BornInTheGrove/Highrises/NewIslandGardens.jpg

Posted on Thu, Oct. 06, 2005

Far East retreat finds Miami

Luxury hotel chain plans Watson Island retreat to capitalize on looser travel restrictions in China

BY DOUGLAS HANKS III

dhanks@herald.com

When executives from a chain of luxury Asian hotels announced plans Wednesday for a resort on Watson Island, they bragged about the waterfront location's proximity to both South Beach and downtown Miami.

But when it comes to Miami profits, they also have a faraway place in mind -- mainland China.

As China's largest luxury-hotel operator, Shangri-La Hotels & Resorts wants to capitalize on the budding wealth and loosening of travel restrictions in the communist country.

The Hong Kong-based company picked Miami as the first outpost for its U.S. expansion -- partly in hope the 147-room hotel set to open in 2008 will be a natural destination for Chinese executives doing business in Latin America, a rapidly growing trade outlet for Chinese companies.

''We're not just going to be competing for existing market share,'' Martin Waechter, Shangri-La's chief marketing officer, said at a downtown Miami reception announcing its Watson Island plans. ``We're going to bring market share.''

Shangri-La's strategy reflects the huge potential the U.S. hospitality industry sees coming from the Far East, as China continues to loosen controls on both its economy and its 1.3 billion citizens.

About 28 million Chinese traveled abroad last year, a 40-percent increase from 2003. The World Tourism Organization expects that figure to surge to 100 million travelers by 2020.

But the U.S. tourism industry doesn't expect big profits from Chinese tourists until travel restrictions are lifted by both countries.

A Shangri-La executive complained U.S. officials are slow to process visas for traveling Chinese, and China has yet to add the United States to its list of officially ''approved destinations'' where Chinese tour operators can take visitors.

That list expanded rapidly in recent years: Much of Europe was added in 2004, as were Argentina, Brazil and Chile. Cuba got the nod in 2003, and the list now covers more than 60 nations.

OPENING UP BORDERS

Even so, China -- which barred even domestic travel until 1997 -- ranked as the ninth fastest-growing market of visitors for the United States in the last 10 years, according to Travel Industry Association of America. The trade group ranked China as one of the four biggest emerging markets for the United States.

Cendant, which owns Orbitz.com, this year launched a Chinese version of the travel site, aouyou.com, using the Chinese words for ''travel freely.'' Locally, the Miami-Dade County tourism bureau is sending a delegation next month to a travel trade show in Kunming, China, after making its first trip to the country last year.

''We're going ahead and bringing the brand awareness'' to China, said David Whitaker, senior vice president of marketing for the Greater Miami Convention & Visitors Bureau.

Whitaker said Miami's golf and shopping should hold particular appeal for Chinese vacationers, but he said the bureau sees China's potential as almost limitless.

''In the future, we could be the top gay and lesbian destination for the Chinese,'' he said.

So far, South Florida has barely registered as a Chinese destination, Whitaker said. Jinlin Zhao, a management professor at Florida International University's hospitality school, said Miami occasionally picks up Chinese visitors looking to extend a Latin American business trip into a vacation. Geography and airlift doesn't help: Miami is far from the West Coast and has no direct flights to Asia.

''It's not that convenient to come over,'' Zhao said.

Two Asian brands have already opened to much fanfare in the Miami area: Miami's Mandarin Oriental in 2000 and GHM Hotels' Setai, which debuted this summer in South Beach. Both presented themselves as Asian-style hotels targeting Western travelers, with no significant designs on the Asian market.

WESTERN NECESSITY

Shangri-La, too, will have to rely on Western travelers for the vast majority of its guests on city-owned Watson Island. Executives predict the company's Asian take on the resort -- with meticulous service and an ''emotional'' chi spa program -- will let it match rates with the Four Seasons, Ritz-Carlton and other top-tier hotels nearby.

''People like the Asian experience, people like the Asian feel,'' said Waechter, the marketing executive. ``It's a new twist.''

Unlike GHM and Mandarin, Shangri-La operates hotels in mainland China itself -- 19 properties with 8,000 rooms.

Now the company wants to open hotels in nine other U.S. cities (it announced Chicago on Tuesday) as its largest customer base prepares to go out and see the world.

''When people leave there, they will look for a brand they know,'' Waechter said. ``Just like Americans, for a long long time, looked for a Hilton when they went to Europe.''

^good eye, i saw that in the paper today

cool!! I'd love to see love to see more renderings!

so what does this mean island gardens wont be bulit??? where is this going to fit??

so what does this mean island gardens wont be bulit??? where is this going to fit??


the new rendering is the new redesign for Island Gardens!

Shangri La has a website for their new Miami location with a really cool rendering. Sadly a Chicago forumer found this rendering before we did...

http://www.shangri-la.com/miami/shangri-la/en/index.aspx

http://www.shangri-la.com/projects/uploadedImages/Hotels/Miami/Shangri-La_Hotel/en/p1/building1.jpg
http://www.shangri-la.com/projects/uploadedImages/Hotels/Miami/Shangri-La_Hotel/en/p1/building2.jpg
http://www.shangri-la.com/projects/uploadedImages/Hotels/Miami/Shangri-La_Hotel/en/p1/building3.jpg

where the hell did that come from? is that the latest? i like that better than anything else ive seen

where the hell did that come from? is that the latest? i like that better than anything else ive seen
ditto... nice find :shocked:

wow, looks a lot different from the other renderings. the gold glass makes it look kinda las vegas-y & something different for miami.

Hey now! We're all fellow Americans :)

Oh wow....that's def hawt!!...I'm getting excited again:D

man. that is awesome. I am so glad they didn't go with that original design. I wonder if the architects are from oversees?

this beats anything i've seen anywhere for a while.

what a freakin' awesome drive it will be to Mia. Bch on the causeway seeing that awesome bldg.

Thats a good question, I wonder who the architect was.

Eric Kuhne & Associates according to the website.

This Guy:

http://www.npg.org.uk/live/OC_Data/images/weblg/0/4/mw81904.jpg

I think he's from Manhattan. I found an article about a mall he developed in Jersey (not New Jersey). Here it (http://money.independent.co.uk/property/homes/article310740.ece) is.

Any news? Has construction started?

British architect Eric Kuhne & Associates is in talks with Kuwaiti government officials over the construction of the world's largest building.


The 250-storey tower is set to be built in the centre of a new multi-billion pound Arabian city, and at more than one kilometre high, is expected to be the tallest building in the world.


Mr Kuhne - the architect behind Europe's largest shopping centre, Bluewater, in Kent – is currently in talks over the £75bn project with Kuwait.


The tower, which will house 700 000 people, is due to be the centrepiece of the 'City of Silk' – a huge project aiming to combine Arabic philosophy, culture and politics for the first time as a major tourist attraction.


Mr Kuhne told the Telegraph the city will become "the manifestation of 2 000 years of Arabic heritage".


He added that the proposals, when complete, will aim to enable the country to bid for a future Olympic Games, and "awaken a new entrepreneurial class" for the country rich from oil production.


However, engineering experts Arup pointed out that tall buildings have a long list of issues attached to them.


Bob Lang from Arup said: "The issues with buildings of this height now are the same as they were at the turn of the last century - how you move people up and down the building, and how strong your materials are."


But he added: "If these criteria are fulfilled then there's no reason why you can't build super-high."


© Adfero Ltd

http://www.rics.org/Builtenvironment/Constructiondesign/Architecturaldesign/kuhne_tall091205.html

update on my situation although america has been good to me as a cuban imigrant back in 1980 when i was only 4 i have seen two different forms of government and i can tell you that the us govt is on its way out the door as a world power.

seriously i have started to expedite my move to london

you want to know where all the money is going when you pump gas and fill your car well check out this website and you will learn how just a bridge ride from kuwaiit the next world class city is being built...

http://www.civicart.com/

xxx

update on my situation although america has been good to me as a cuban imigrant back in 1980 when i was only 4 i have seen two different forms of government and i can tell you that the us govt is on its way out the door as a world power. seriously i have started to expedite my move to london Best of luck! I love London, and just came back from a little UK trip. Sure was fun. No doubt, London is a major financial center. In case anyone is curious about how the UK shapes compares to other countries/regions in the world, here is a chart of the Gross Domestic Products adjusted for currency values...

1 World $ 59,590,000,000,000 2005 est.
2 United States $ 12,410,000,000,000 2005 est.
3 European Union $ 12,180,000,000,000 2005 est.
4 China $ 8,182,000,000,000 2005 est.
5 Japan $ 3,914,000,000,000 2005 est.
6 India $ 3,699,000,000,000 2005 est.
7 Germany $ 2,454,000,000,000 2005 est.
8 United Kingdom $ 1,869,000,000,000 2005 est.
9 France $ 1,822,000,000,000 2005 est.
10 Italy $ 1,651,000,000,000 2005 est.
Source (http://www.odci.gov/cia/publications/factbook/rankorder/2001rank.html)

I'm sure that in London, you will appreciate the parts of American life that you have been taking for granted. No matter what, I hope you are happy, and keep contributing.

Hey now! We're all fellow Americans :)

Everyone :grouphug: !!!

Hey now! , I like this fellow American Skyscraper City member :righton: ,

He tells it like it should be :okay: ,

that's why he's NOW got over 4,000 posts :applause:

Congrats Spy " Fellow American " Idol :dj: , 2006 !!! :dance:

Fantastic, Its about time something started there....

YES DAVE :) , and Toucano :) !!!

Shangri La has a website for their new Miami location with a really cool rendering. Sadly a Chicago forumer found this rendering before we did...

http://www.shangri-la.com/miami/shangri-la/en/index.aspx

http://www.shangri-la.com/projects/uploadedImages/Hotels/Miami/Shangri-La_Hotel/en/p1/building1.jpg
http://www.shangri-la.com/projects/uploadedImages/Hotels/Miami/Shangri-La_Hotel/en/p1/building2.jpg
http://www.shangri-la.com/projects/uploadedImages/Hotels/Miami/Shangri-La_Hotel/en/p1/building3.jpg

I see this tower in my Dreams of 2012 :runaway: ,
The Islands Gardens Project will be there, and Its a start later this year !!! :cheers:

This is one of the most important projects for Miami To rise out of the middle of the bay to 48 stories will be incredible. It will also cover up the horribly mediocre childrens museum. I could not believe that that was all they could come up with on such an amazing site. Vitri will also be incredible for the reputation of Miami as the coolest city as you almost crash into it hitting Miami Beach. I hope that gold stripe isn't too glitzy...too Vegas

The views of the skyline the guest will have from this hotel will be absolutely breath taking. All the towers on Biscayne Blvd from one miami to the PAC should be finishing up construction roughly the same time as this hotel. Not to mention the new towers that line the bay between the pac and the 112 expressway.

Is it a 100% go? Please say yes, please say yes!

I can't see the new renderings. The photobucket images aren't showing!

Any updates? When is construction supposed to begin?

Any updates? When is construction supposed to begin?

MileageMan :hi: , maybe a 2008 :dunno: start might be possible :dunno: , Its all about time :dizzy: !!!

What do you mean it's all about time? This time or that time. Is there any reason to think that it might not happen?

I am beginning to think that things are unraveling in Miami.

I think I'm becoming the new logyboy.

There was no condo component to Island Gardens right? So a condo sales slowdown should not effect it. Its all hotels & retail & mega-yachts and last I checked demand for hotel rooms was at an all time

http://www.miamitodaynews.com/news/060907/story3.shtml


Work to begin early in '07 on Watson Island's Flagstone project

By Deserae del Campo
Groundbreaking for the $480 million Flagstone Island Gardens hotel-retail development on Watson Island is due early next year. Chairman and CEO Mehmet Bayraktar said Flagstone Property Group plans to open the project in late 2009 or early 2010.
No leases are signed for the 221,000 square feet of retail, he said. "As far as the retailers or restaurants coming to the project, we are talking to many that are interested. But I'm unable to disclose any information at this time. No one has signed leases yet."
He said there could be about 50 stores.
Island Gardens is to showcase two luxury hotels and a 50-slip marina accommodating yachts up to 450 feet long.
Miami commissioners granted Flagstone a 75-year lease in 2001. The Miami Beach developer received its major use special permit in July 2004.
Two hotels signed on last year. The Westin Miami at Island Gardens is to feature 350 rooms and the Shangri-La Hotel 147 and about 100 timeshare units of two and four bedrooms and a 20,000-square-foot spa.
"The Shangri-La tower is going to have fractional residential units, also known as residents club units, that are fully furnished but not considered condos," Mr. Bayraktar said.
"Basically, the unit is going to be offered at a one-seventh-price share," he said. "There can be potentially up to seven owners for each unit, and the owners can schedule the time they want to be there. It will be very flexible. You can decide to stay for the weekend or two weeks at a time under a reservation system."
The project is running smoothly, he said. "There have been no hurdles considering the pure size of the development. We don't have just one building but mixed-use projects consisting of six or seven different parts that include retail, dining, a marina and hotel. We have pulled all the major permits for the project."

When all the projects come online there is going to be a major glut of retail space.

When all the projects come online there is going to be a major glut of retail space.

I dissagree 100%. Retail space is what there will be the least of, and an area that downtown Miami is sevrely lacking in. The resort in Island Gardens will have zero problem filling retail space, and will probably do it with high-profile shops.

miami's market needs more retail we are well under what we should have based on population this is one area that will never be filled anytime soon

Thanks for that Update Dave :) , I was thinking it was not going to start, But Now I'm Convinced :runaway: , WOW :) one of the Hotels could be 50 floors High, What a sight to see these two Hotel Towers on Watson Island in my dream of 2012 !!! :cheers:

http://www.miami.com/mld/miamiherald/15489058.htm

Posted on Mon, Sep. 11, 2006

WATSON ISLAND
Mega-marina: Good for all or elitist toy?
County commissioners will vote on an application for Watson Island that could lead to the creation of a mega-yacht facility on the small island.
BY CHARLES RABIN AND CURTIS MORGAN
crabin@MiamiHerald.com

Picture it: shimmering European handcrafted yachts, hundreds of feet long, docked on Biscayne Bay. The wealthy being served drinks with little umbrellas. Children playing on oversized decks.

And the general public peering at it all from platforms perched well above the fabulous crowd. Security doors bar access to the docks below, which sit on the very public property of Watson Island -- at least, in part, because of 9/11, the developer says.

That's how it will be if Miami-Dade County commissioners on Tuesday approve developer Flagstone Island Gardens' request to dredge 16 acres of Biscayne Bay for the luxury marina.

http://www.miami.com/mld/miamiherald/news/opinion/15496315.htm

Posted on Tue, Sep. 12, 2006


Keep promises made for Watson Island
OUR OPINION: COMMISSIONERS SHOULD TWEAK PROJECT FOR PUBLIC ACCESS


When Miami-Dade County commissioners today consider a developer's request to dredge 16 acres of Biscayne Bay for a megayacht marina, they should remember local governments' commitment to voters that public access to the area be retained. In 2000, voters said Yes to a ballot question that gave the go-ahead for the county and city of Miami to proceed with proposed projects for the long-neglected island.

http://www.miami.com/mld/miamiherald/15489058.htm

Posted on Mon, Sep. 11, 2006

WATSON ISLAND
Mega-marina: Good for all or elitist toy?
County commissioners will vote on an application for Watson Island that could lead to the creation of a mega-yacht facility on the small island.
BY CHARLES RABIN AND CURTIS MORGAN
crabin@MiamiHerald.com

Picture it: shimmering European handcrafted yachts, hundreds of feet long, docked on Biscayne Bay. The wealthy being served drinks with little umbrellas. Children playing on oversized decks.

And the general public peering at it all from platforms perched well above the fabulous crowd. Security doors bar access to the docks below, which sit on the very public property of Watson Island -- at least, in part, because of 9/11, the developer says.

That's how it will be if Miami-Dade County commissioners on Tuesday approve developer Flagstone Island Gardens' request to dredge 16 acres of Biscayne Bay for the luxury marina.

http://www.miami.com/mld/miamiherald/news/opinion/15496315.htm

Posted on Tue, Sep. 12, 2006


Keep promises made for Watson Island
OUR OPINION: COMMISSIONERS SHOULD TWEAK PROJECT FOR PUBLIC ACCESS


When Miami-Dade County commissioners today consider a developer's request to dredge 16 acres of Biscayne Bay for a megayacht marina, they should remember local governments' commitment to voters that public access to the area be retained. In 2000, voters said Yes to a ballot question that gave the go-ahead for the county and city of Miami to proceed with proposed projects for the long-neglected island.

Mileageman:rock: or Dave :cool: , RX:hi: , any news on what happen at this important meetiing, I gotta know, please , This has got to start soon to be in my dreams of 2012.!!!:righton:

why is 2012 always the year of your dreams?

Mileageman:rock: or Dave :cool: , RX:hi: , any news on what happen at this important meetiing, I gotta know, please , This has got to start soon to be in my dreams of 2012.!!!:righton:

The vote was delayed to November

According to the Mayans, December 23, 2012 is the day the world is supposed to end. So perhaps it's Chuckscraper's dream year because there won't be an opportunity for it to get better than that. (Of course the Mayans are gone, so what's there to worry about?)

Posted on Tue, Nov. 28, 2006

Dade Commission OK's dredging bay for mega-yacht basin
By CHARLES RABIN
crabin@MiamiHerald.com

Miami-Dade County commissioners today allowed for the dredging of Biscayne Bay adjacent to Watson Island, one of the lone hindrances to a long-awaited development there.

Commissioners voted unanimously to allow Flagstone Island Gardens to dredge adjacent to the link between Miami Beach and the mainland in order to build a mega-yacht boat basin.

The granting of the permit had been held up for months as some commissioners were concerned that changes made to the ambitious plan on the island -- which includes splashy hotels, a maritime museum, a retail district and a pair of 470-foot boat docks -- were too extensive.

http://www.miami.com/mld/miamiherald/16115326.htm

That is FANTASTIC news. By the time Island Gardens is up and running, Miami will be the most stunningly modern city in the states. With skyscrapers floating on water.

is the skyscrapers floating on water before or after the great flood of 2012?

besides we allready have floating skyscrapers the are called cruise ships.

MIAMI, Jan. 3 /PRNewswire/ -- Flagstone Property Group is set to begin building Island Gardens, one of the largest waterfront developments in the world to be located on Watson Island.

http://biz.yahoo.com/prnews/070103/nyw083.html?.v=74

MIAMI, Jan. 3 /PRNewswire/ -- Flagstone Property Group is set to begin building Island Gardens, one of the largest waterfront developments in the world to be located on Watson Island.

http://biz.yahoo.com/prnews/070103/nyw083.html?.v=74
^^ Mileage Man:) , My friend, THIS is Great news :lol: !!!

I was out there last week, There was a Huge Tent ceremony out there on the site and the land is clearing NOW !!!,

ITS REAL:banana: , and it will be UP and completed in my dreams of 2012:nuts: :cheers

P.S. In fact:) , it will be opened just in time for the February, 2010 Super BOWL here in MIAMI:banana: , again !!!:cheers:

Anything new at the site? :)

From this weeks Miami Today News:

http://www.miamitodaynews.com/news/070222/story6.shtml

Groundbreaking slated for fall for Watson Island project

By Eric Kalis
After more than five years of planning and permitting, developer Flagstone Property Group is ready to break ground this year on its $575 million mixed-use project on Watson Island.
With all of the necessary permits from the City of Miami and Miami-Dade County, Flagstone CEO Mehmet Bayraktar said last week that construction of Island Gardens should begin in the fall. The project, which includes a pair of hotel towers supported by ground-floor retail and a 50-slip mega-yacht marina that would accommodate yachts of up to 450 feet long, is targeted for completion in 2010, Mr. Bayraktar said.
The development team began talking to potential retailers and restaurateurs last month but has not secured leases for the 221,000 square feet of retail space, Mr. Bayraktar said. The complex is to include a landscaped promenade flanked by outdoor European-style cafés, he said.
Miami commissioners granted Flagstone a 75-year lease in 2001. The Miami Beach developer received a major use special permit in 2004.
When Flagstone considered pursuing the project, Mr. Bayraktar said, he "envisioned places in the Mediterranean, little bays like St. Tropez or Monte Carlo. The island is a perfect spot to create a destination between Miami and Miami Beach."
Flagstone signed two high-end hotel operators for each tower in 2005. International luxury operator Shangri-La will run a 150-room, five-star hotel with a separate timeshare component. Eight shares will be sold for each of about 100 two- to four-bedroom timeshares.
Shangri-La "understands hospitality and has properties in Asia where it provides services to condominiums," Mr. Bayraktar said. "The typical fractional buyers come to Miami so regularly, they hate to stay in a hotel because they have extended visits. They do not want to own a condo or house because of the hassle involved."
The other hotel tower will be operated by Westin, a luxury flag with experience hosting conventions and corporate events, Mr. Bayraktar said. The 350-room tower will include enough ballroom space to accommodate 1,100 diners or more than 2,000 for a reception, he said.
"The Westin was the perfect brand because it has a solid client base of Fortune 500 companies," Mr. Bayraktar said. "The ballroom space will be one of the biggest available in Miami."
Watson Island's proximity to downtown Miami and Miami Beach coupled with the marina indicates both hotel operators will have success, said Guy Trusty, president of Lodging and Hospitality Realty in Coral Gables.
"This is a great location for a high-end hospitality product," Mr. Trusty said. "People who can afford mega-yachts will be able to afford staying in the hotels. Watson Island is a great tourist place that is never used."
Details: www.flagstonegroup.com.

http://www.shangri-la.com/uploadedImages/property/Miami/slmi_overview.jpg

Island Gardens has financing deal, hopes to begin preparation of the 11-acre site late this year

http://www.dailybusinessreview.com/news.html?news_id=44691

we can only hope

I think im the only one against this project on these forums. Not so much the design, but really the location. Too me its just sad that the view from under the MacArthur causeway bridge will be lost when all these boats and buildings are in the way. It seems too ambitious a project for my taste and will probably cater mostly to the fabuously rich. Maybe itll turn out great though, who knows? Don't mean to be so pessimistic here...

i think watching mega yachts and a 500 foot skyscraper will be a great view in itself and it will be a great add to the skyline

trickykid does have a point in something, these towers will take away from that great view that the four towers currently have. But I still love the project.

Yeah...right now, there are a lot of poor people fishing for their dinner on that seawall. I was there on Saturday.
That would be replaced with a lot of rich people buying fuel, hiring mechanics, captains, waiters, painters, etc. for their 150 ft yachts.

Personally, I'm more inspired to greatness by skyscrapers and megayachts. Hopefully, those people fishing for their food are too...then they may get a nice job, buy their children better fish and even send them to college.

I like the view of economic development.

This project will do nothing but generate money, and make Miami an even more desirable vacation spot for the rich and famous, I can see it now, Diddy's yacht docked right next to Usher's super yacht, This project is a money machine!

Imagine the view that these towers will have of downtown.

This project will do nothing but generate money, and make Miami an even more desirable vacation spot for the rich and famous, I can see it now, Diddy's yacht docked right next to Usher's super yacht, This project is a money machine!
Nothing but generate money...I'm sure it will do a lot more than just that.
Money doesn't buy happiness, but it is sure is good for the down payment!!

It'll help our economy lots, which is great news! With a world-class hotel and marina, Miami will strengthen its international fame and glory as a great city! Great, great news for Miami!

My only qualm with this project is the size of the towers. I wish they would instead build something more like Burj Al Arab in Dubai or perhaps a giant observation tower like the TV Tower being built in Guangzhou. Still, I'm glad to see that this project is finally going to start.

My only qualm with this project is the size of the towers. I wish they would instead build something more like Burj Al Arab in Dubai or perhaps a giant observation tower like the TV Tower being built in Guangzhou. Still, I'm glad to see that this project is finally going to start.

Being part of downtown, these towers are in the perfect location for a supertall. Theyre the only ones that can go over 1000 ft without a problem.

I think this very location should be the spot for Miamis tallest building ever!! it's further out more from the Airport so the height restrictions should be much greater then off of Biscayne!!

http://www.shangri-la.com/uploadedImages/property/Miami/slmi_overview.jpg


Stunning beauty.

I wanna see that pic without those towers.

Then come visit Miami and take a look before they go up!

[QUOTE=mileageman;15047383]http://www.shangri-la.com/uploadedImages/property/Miami/slmi_overview.jpgQUOTE]

From what I can see, the base doesn't look to bad, of course, all I see is the top part of it.

Then come visit Miami and take a look before they go up!

Everyday thats all thats on my mind, "Id rather be in Miami."

Everyday thats all thats on my mind, "Id rather be in Miami."

Where do you live now?

Doesnt matter, I live close. Just no time to visit Miami, been there before but no matter how many times I go it will never be enough.

Imagine the view that these towers will have of downtown.

You're totally right about that. These towers will have the nicest view of the Downtown Miami Skyline!! :)

You're totally right about that. These towers will have the nicest view of the Downtown Miami Skyline!! :)

Its true. You have CBD, Brickell, port/cruise ships, beaches. Its the perfect location for residences.

Piero Lissoni Designs Vacation Homes for Miami

The residential units, with interiors by Italian designer Piero Lissoni, will top the still-to-be built 150-room Shangri-La Hotel in Miami, set to break ground in January.

Both the hotel and the residential units--dubbed Shangri-La Residences--are scheduled to open in 2010.

http://www.interiordesign.net/id_newsarticle/CA6486835.html

I haven't heard about this. Where will this be located? Any one know?

I haven't heard about this. Where will this be located? Any one know?

On the southwest side of Watson Island, across from Jungle Island. It will be facing downtown and the port.

ING Joins Flagstone in $600M Miami Mixed-Use Development
Dec 11, 2007
By: Tonie Auer, Southwest Correspondent

ING Clarion Partners L.L.C. has joined with Flagstone Property Group on the previously announced $600 million development of Island Gardens, a luxury mixed-use property in Miami.

http://www.cpnonline.com/cpn/content_display/regions/southeast/miami/e3i742cc4dfbfcbe0d6299ae7ce11896159

Weren't they supposed to start on this project a couple of months ago?

Island Gardens had a stand exhibiting a huge model of the building and showing it off to the wealthy people at Art Basel. The building looked great, and the yachts were really being advertised well on the model.

http://img412.imageshack.us/img412/7858/islandgardensbr6.jpg (http://imageshack.us)

lol imagine if the actual buildings were to light up like that

Island Gardens had a stand exhibiting a huge model of the building and showing it off to the wealthy people at Art Basel. The building looked great, and the yachts were really being advertised well on the model.

Article saying they made $25 million in reservations on the Shangri La during Basel.

http://www.miamiherald.com/business/story/341672.html

Thats BUllshit. This is the location where Miami could get a 1000+ footer, and were getting this puny lil thing, Miami ruined their chance

i think a 1000 ft on an island would look stupid and isolated, theres some many oter sites that it could be built on, i think that this is a good project.

i think a 1000 ft on an island would look stupid and isolated, theres some many oter sites that it could be built on, i think that this is a good project.

Find another place for a 1000 footer... I don't want my view blocked! :lol:

http://www.miamitodaynews.com/news/080111/story1.shtml

No stopping resort plans for Watson Island, builder says

By Risa Polansky
Neither the planned Port of Miami Tunnel nor the ongoing real estate slump is to derail plans for a $600 million hotel, retail and mega-yacht complex on Watson Island's waterfront, the developer says.
After last month adding as a partner ING Clarion Partners, a real estate investment firm, Flagstone Property Group is to start development as soon as this fall on its long-planned Island Gardens project, said Mehmet Bayraktar, chairman & CEO, and projects to finish in fall 2010.
He said early last year the project would break ground that fall and attributes the year-long holdup to "housekeeping items" but no specific, significant snag.
"I guess we were too ambitious and excited" in hoping for a 2007 start, Mr. Bayraktar said.
Developers are moving full-speed ahead now, he said, as the state, Miami-Dade County and City of Miami plan to do the same with their newly approved port tunnel project.
The tunnel, which cleared its final hurdle last month in receiving a commitment from the city to fund $88 million of the $1 billion price tag, is to connect Watson Island to the Port of Miami, diverting port-related trucks through a tunnel system onto Interstate 395.
It's set for a 2012 completion.
Developers have prepared for coinciding construction periods, Mr. Bayraktar said.
The city was upfront from Island Gardens' 2001 inception that the tunnel might be coming, he said. "We planned everything accordingly."
Once built, "the tunnel entrance is right on the causeway, on the side, so it doesn't affect anything on our side," he said. And because "Watson Island is a huge siteÖthere's plenty of space for everything else."
The developer launched sales of its timeshare units last month.

Excellent.

And I'm sure this is a very ambitious question, but when should we expect the tunnel project to break ground?

Excellent.
And I'm sure this is a very ambitious question, but when should we expect the tunnel project to break ground? The "Mega Plan" has been embraced by both the City of Miami and by Miami-Dade County. So the funding is in place.
That's a great step in the right direction.
Probably not this year, but I'll keep you posted.

I guess we aren't the only ones wondering when this is ever going to get going:

http://www.miamitodaynews.com/news/080501/story2.shtml

City of Miami losing patience on Watson Island hotel, marina

By Risa Polansky
Miami officials fear a long-planned luxury development on Watson Island may fall through, with the developer asking for a time extension as legal costs for the project rise.
Mehmet Bayraktar, chairman and CEO of Flagstone Property Group, insists the Island Gardens mega-yacht marina, hotel and retail project is on the way.
He projects to begin preparing the site this fall for a 2012 completion and attributed delays to lengthy government processes and a more-than-yearlong lawsuit.
Commissioners last week deferred approval on $495,000 in attorney's fees for service related to the lease and development of the city-owned property, demanding proof the project is going to happen.
Voters approved the project in 2001. Commissioners awarded the Miami Beach developer a 75-year lease the same year and a major use special permit in 2004.
Before moving forward now, Commissioner Marc Sarnoff said, "I want to see a letter of undertaking from a bank."
City Manager Pete Hernandez informed commissioners the developer, facing an August deadline to begin, is asking the city for more time.
"They've had problems in completing their financial package," he said.
Mr. Bayraktar maintains the project is on track.
"We finalized our institutional equity with ING Clarion and closed in November 2007," he said in an e-mail. "Moreover, we have been in the process of finalizing our construction loan documentation."
ING Clarion Partners agreed last year to invest along with Flagstone about $600 million in the project.
Upon announcing the partnership in December, Flagstone projected a 2010 completion after years of targeting 2008.
"Since we won the RFP and the subsequent citizen approval to construct this project, Flagstone has been working diligently to meet all of the city's requirements, obtain all the required permits and approvals and conduct the required environmental preparation for the site with the goal of taking possession of the property and (beginning) construction," Mr. Bayraktar said.
It took more than two years to gain approvals from the Army Corps of Engineers and South Florida Water Management District, he said.
A lawsuit by the property's former tenants took more than a year and a half to settle.
"We are near to completing all of the prerequisites imposed per our development agreement and ground lease for taking possession of the land, and we will be ready to put the proverbial shovel in the ground," Mr. Bayraktar said.
Commissioner Angel Gonzalez echoed Mr. Sarnoff's cry for proof.
"I would also like to see a commit from a bank or something," he said.
Mr. Bayraktar said that, as part of his request for more time, "we will be providing responses to the city or to the commission, including financing information."
Both commissioners said a foreign company could do the job immediately.
"European companies, they have all the money right now," Mr. Gonzalez said.
Mr. Bayraktar maintains the city will get what it wants.
It has cost $33 million to get the project to this point, Mr. Bayraktar said.

Chuck Skyscraper,
You mentioned this might be a dead project.....is this true? And are your contacts reliable???? I thought they had already began dredging for the marina???

Thats one project that makes sense economically
to throw away 8 years of hard work would be idiotic

http://img98.imageshack.us/img98/7341/01lh7.jpg (http://imageshack.us)

http://img98.imageshack.us/img98/7485/02co7.jpg (http://imageshack.us)

http://img98.imageshack.us/img98/7145/03oi5.jpg (http://imageshack.us)

http://img98.imageshack.us/img98/7466/04az0.jpg (http://imageshack.us)

http://img98.imageshack.us/img98/6500/05wv6.jpg (http://imageshack.us)

Has it started or not?

I don't think so, rider. From what I'm reading the project may be in some trouble and the city seems frustrated with the lack of activity there.

What exactly are the benefits of this project? Because, IMO, this land should be used for the public, not for another private project. But I may be wrong.

^^ I don't think that should be public space, that portion is barely walking distance from the mainland plus its not very safe to get there by foot...

Well it will be quasi open to the public as it will have restaurants, cafes and shops lining the dock accessible to anyone... I think just the residential building will be off limits (naturally), but the rest (the marina and hotel) will be available. That thing will have spectacular views, plus a world class promenade to boot with the city of miami in the background. It will be akin to a high end version of bayside, with the added bonus of miami views!

Too bad the facade of the parking pedestal facing McArthur causeway is so ugly.

^^I thought there was no residential components. I was under the impression that it was two hotels a Westin and a Shangri-La.

One of the hotels will be selling fractual ownership units.

It will have fractual ownership but it will still be a hotel so anyone should be able to walk right into the lobby and walk around inside wherever they want.

http://www.miamitodaynews.com/news/080522/story2.shtml

In show of confidence, Watson Island project opens 'gallery'

By Risa Polansky
In anticipation of its luxury Watson Island development, Flagstone Property Group has opened a Miami Beach gallery to show off its plans.
The move comes amid grumblings from skeptical Miami commissioners who last month questioned whether the project will ever get off the ground.
Island Gardens is to include a mega-yacht harbor, luxury residences, a Shangri-La Hotel, high-end retail and dining and a waterfront promenade, among other amenities.
Another hotel is planned for the site, though the flag has yet to be named.
A contract with Starwood Hotels for a Westin expired in January. The developer opted not to renew and is negotiating with another hotel, a publicist said..
Voters approved the project in 2001.
The Miami City Commission awarded the Miami Beach developer a 75-year lease the same year and a major use special permit in 2004.
Mehmet Bayraktar, chairman and chief executive officer, projects to begin preparing the site this fall for a 2012 completion.
The preview gallery, 1674 Meridian Ave., was to open this week.
It is to remain open daily from 10 a.m. to 7 p.m. Monday through Friday, 11 a.m. to 6 p.m. on weekends.
"The Preview Gallery offers a sneak peek of the Island Gardens lifestyle," Mr. Bayraktar said in an e-mail.
Some Miami commissioners are questioning whether anyone will have a chance to actually live it and have demanded proof before agreeing to pump more money into legal dealings for the project.
"I want to see a letter of undertaking from a bank," Commissioner Marc Sarnoff said last month.
Mr. Bayraktar maintains the project is on track, though he plans to ask the commission for more time as his August start deadline looms.
"We finalized our institutional equity with ING Clarion and closed in November 2007," he said in an e-mail last month. "Moreover, we have been in the process of finalizing our construction loan documentation."
ING Clarion Partners agreed last year to invest along with Flagstone about $600 million in the project.
Mr. Bayraktar said that, as part of his request for more time, "we will be providing responses to the city or to the commission, including financing information."
Flagstone is "near to completing all of the prerequisites imposed per our development agreement and ground lease for taking possession of the land," he said. "We will be ready to put the proverbial shovel in the ground."

http://www.miamitodaynews.com/news/080612/fyi.shtml

JUDGMENT DAY: Miami commissioners are to be asked today (6/12) to extend the city's lease deadline with Flagstone Property Group for its planned luxury development on Watson Island to Feb. 1, 2010. Commissioners have recently questioned whether the developer will be able to get the long-planned project off the ground. Chairman and CEO Mehmet Bayraktar insists funding is in place. "We have everything lined up," he said last month, though he could not announce bank backings or new investors. City documents cite one of the needs for an extension as Flagstone experiencing "delays in financing due to the downturn in the real estate market." The proposed resolution would also establish "certain milestones in the timelines for other development matters" relating to the project, which includes two hotels and a mega-yacht marina.

What are the chances great minds prevail, and instead of this, they put the new Marlins stadium on Watson Island, looking over towards the city?

Slim to none? When pig's fly? Any colorful metaphor will do.

What are the chances great minds prevail, and instead of this, they put the new Marlins stadium on Watson Island, looking over towards the city?

Slim to none? When pig's fly? Any colorful metaphor will do.

Katherine Hepburn from "The Lion in Winter: There'll pork in the treetops come morning!" Not that it will ever happen, I just love that line. :lol:

What are the chances great minds prevail, and instead of this, they put the new Marlins stadium on Watson Island, looking over towards the city?

Slim to none? When pig's fly? Any colorful metaphor will do.

No chance. It either goes on the old OB site or doesn't happen at all.

http://i.treehugger.com/images/2007/5/24/flying%20pigs.jpg

Geesh, Is this project dead???? Why haven't we heard anything??????

Because our economy is shit right now. So unless Bank of America is behind a project there seems to be no money for anything!

The invitations to the Island Garden Groundbreaking Ceremony are out, shovels, photographs, and cocktials next Wednesday October 29th.

Wow... I very happy that that prime piece of waterfront property is FINALLY coming along!!

The invitations to the Island Garden Groundbreaking Ceremony are out, shovels, photographs, and cocktials next Wednesday October 29th.

Developer breaks ground on Watson Island

Island Gardens, the hotel and retail project slated for Miami's Watson Island, held a groundbreaking Wednesday while still awaiting the construction loans needed to start building the $640 million complex. Slated to contain a mall, luxury marina hotel and high-end ''fractional residential'' tower, Island Gardens hopes to borrow about 65 percent of the project's cost in a hostile lending environment.

But developer Mehmet Bayraktar remains confident, pointing to a 35 percent funding commitment from him and ING Clarion, and more than 140 reservations to purchase ''fractional'' residential shares on the city-owned site. His workers will begin preparing the property for construction in hopes of laying a foundation by the spring. He faces a February 2010 deadline from Miami to finalize the deal.

Developer breaks ground on Watson Island
http://www.miamiherald.com/news/miami-dade/story/747375.html

Island Gardens, the hotel and retail project slated for Miami's Watson Island, held a groundbreaking Wednesday while still awaiting the construction loans needed to start building the $640 million complex. Slated to contain a mall, luxury marina hotel and high-end ''fractional residential'' tower, Island Gardens hopes to borrow about 65 percent of the project's cost in a hostile lending environment.

But developer Mehmet Bayraktar remains confident, pointing to a 35 percent funding commitment from him and ING Clarion, and more than 140 reservations to purchase ''fractional'' residential shares on the city-owned site. His workers will begin preparing the property for construction in hopes of laying a foundation by the spring. He faces a February 2010 deadline from Miami to finalize the deal.

^^^^Nice... lighting the candle under them.

Good party, Mehmet was humble and a gracious host! He gave a speech explainin that he had been working on this project for 8 years. Incredible perserverance! He thanked his family for supporting his vision, "especially my brother who kept sending the checks".
Exciting project, very glad to see it moving forward.

Good party, Mehmet was humble and a gracious host! He gave a speech explainin that he had been working on this project for 8 years. Incredible perserverance! He thanked his family for supporting his vision, "especially my brother who kept sending the checks".
Exciting project, very glad to see it moving forward.

Good! How tall in feet will the larger tower be at this point?

That's quite an uphill battle in this credit environment but I bid Mehmet Godspeed nonetheless...

http://spine3d.com/uploads/213/max-cover-zoom.jpg
http://spine3d.com/uploads/213/043.jpg

That's not Island Gardens though, that's on the site of Bicentennial Park, so that building is either an art museum, or a war gone wrong museum, or a cover for the water works facility, or maybe they stood an aircraft carrier on end, or maybe, just maybe, it is the resurection of VERTICUS!

Did you say VERTICUS??

Oh boy VERTICUS?? It's back...........

Any real news on the Island Garden project? Didn't they break ground and had the ceremony? Aren't they pretty much locked in now and have to build it according to the county or city?

Any real news on the Island Garden project? Didn't they break ground and had the ceremony? Aren't they pretty much locked in now and have to build it according to the county or city?
Nothing newsworthy, but that is how development goes...they have been working on this project for over 8 years, and the developer continues to move forward. They had a ceremonial groundbreaking party, received financing committments, have committments from the two major hotel flags, and have ramped up the sales process.
There should be some real noise on the property around March if I remember correctly.

If it's taking this long then the economy is biting them in the ass right along with everything else.

Just like Met3 or whatever, no doubt things were intended to rise (or be completed by now) a long time ago but the dynamics have changed. It's not the kind of stuff you can put in a sales brochure but it's patently obvious. The market is crapola nearly everywhere right now.

It'll change. It always does. In the meantime, though, we can't just expect people to produce new projects when the market has yet to even come close to absorbing what was already built.

Island Gardens is much different than Met 3 on many, many different levels.

Clearly the horrendous credit market wreaked some havoc, the Department of Environmental Regulation and Management set them back quite a bit, etc, etc.
From conversations with the developer's people, I expect them to keep producing this product, and most people involved with the city and development expect the same.

To answer the question again, Island Gardens is still moving forward.

NY Times: Seeking a Monaco on Biscayne Bay

Since November, workers have been dredging the waters and building a sea wall to prepare for a deepwater marina that will be the focal point of Island Gardens, a $640 million mixed-use project being developed by the Flagstone Property Group. The development will include two luxury hotels, private residences, a botanical garden and dozens of restaurants and boutiques.

The Island Gardens project is financed with 35 percent equity, put up by Flagstone and its partner ING Clarion Partners, a real estate investment advisory firm, that signed on in late 2007. Mr. Bayraktar says he has already spent $49 million of his own money. He says he has closed on a loan to cover the marina construction, which he will announce later this spring, and is lining up financing for the retail and hotel components.

http://www.nytimes.com/2009/03/22/business/22sqft.html?_r=1

Island Gardens mega-yacht, 50-slip marina set for launch this summer


By Yudislaidy Fernandez
Construction of Flagstone Property Group's Island Gardens mega-yacht, 50-slip marina is set to begin this summer, Miami Beach developer Mehmet Bayraktar says.
Investors have secured a $21 million loan for the project, he said.
The first step is to dredge, he said, preparing for the marina's docks and piers with room for yachts up to 450 feet. Construction should take about 24 months, lease documents show.
Some utility lines that pass through the site will take up to six months to move.
Miami city commissioners agreed last Thursday to give the development group a 5-year extension on the construction period, but also committed the group to take over the ground lease in June.
Once the lease is in place, Flagstone's monthly rent on the 11-acre Watson Island site is to rise from $51,000 to $83,000, totaling $1 million annually.
The project's fourth extension is to allow the developer to obtain syndication from the financial markets for loans to build the remaining components: a Shangri-La hotel with 150 guest rooms and suites and 98 residences, a second hotel for which a management company has yet to be announced, and the retail and parking component.
But in preparation for a worst-case scenario, the city — owner of the Watson Island land — has included safeguards in its latest amendment with Flagstone.
Miami Chief Financial Officer Larry Spring said if the group cannot get the remaining financing for the retail and hotels by June 2011, the city can step in and take over the marina operation and re-bid the upland components.
"You have a world-class marina that the city could very well take over and build upland amenities to go along with it."

www.miamitodaynews.com

Watson Island mixed-use project granted yet more time


By Yudislaidy Fernandez
Flagstone Property Group's $640 million luxury hotel and mega-yacht project in Watson Island is getting — once again — another chance.
This one marks its fourth.
But this time, in giving the developer an extension from three years to five to finish the project, the city is erecting legal fences to protect its waterfront investment in case financing for the half-billion-dollar project falls through.
Flagstone went in front of Miami commissioners last Thursday asking for a fourth extension to its lease agreement. The group says it needs more time to secure financing on three major components of Island Gardens: two hotels and retail and parking.
The milestone dates set in place are:
—Begin work this summer on the multi-million dollar marina.
—Complete by January 2011 development and construction plans on at least two major components besides the marina.
—Close by June 2011 on construction loans for the remaining three components.
—Begin construction by January 2012 on the three elements.
Under the new arrangement, Flagstone must pay pro-rated phased development rent, in addition to the construction rent of $1 million. Flagstone has to begin paying in June when it takes over the ground lease.
Two marina operators who participated in the city's original bid process for the site in 2001 turned out for the meeting to object to the amendment. They say that the change that detaches the marina from the upland components of the project was a material modification. Thus, the original bidders should get a second shot at the project, they said.
City Attorney Julie Bru said she has reviewed solicitation documents, which she said "clearly authorize phased development, which is what they (developers) are doing now."
Lillian Ser, attorney for Flagstone, said the developer's condition is temporary and was caused by the collapse in the financial markets. Other developers face the same circumstances, she said.
"…You are not going to get another viable developer in here to bid on this project," Ms. Ser said.
She said Island Gardens developer Mehmet Bayraktar has put $50 million of his own money into the project and it's not even off the ground.
Close to 10 years in the making, the development has experienced several delays that Flagstone attributes to setbacks in getting permit approvals and a lawsuit by a former tenant on the property that took more than a year to settle.
Watson Island on Biscayne Bay — connected to Miami and Miami Beach by the MacArthur Causeway — has remained underused for close to a decade since removal of earlier occupants. Themed park Jungle Island and the Miami Children's Museum are the only existing operations on the site.
Obtaining financing for the more than $500 million project has been a slow process for Flagstone, especially after credit markets began tightening and the economy worsened.
Having a backup plan if the mega-project falls through was a big concern for commissioners.
Commissioner Angel Gonzalez said he needed assurance from the city's legal department that safeguards were in place.
"Eighty-three thousand dollars (in annual rent) is peanuts compared to the potential of that property and what could be at stake from the city's side if that project goes down the tubes and we are not protected," he said.
The city has set numerous protections in case Flagstone forecloses on the loan, City Attorney Bru said.
Commissioner Marc Sarnoff was also concerned about the city's protection in the event of a default by Flagstone.
After taking a break to discuss some legal issues, Ms. Bru returned and told commissioners that language was added to the documents addressing such concerns.
In a scenario in which both Flagstone and the lender default on the lease, she said the city will regain the property.
"…(The city) will be protected so all leasehold interest will be extinguished and the city can recapture the property free of all liens," she said.
Another issue was jobs. With the region's unemployment rate on the rise, employment is a becoming a growing topic of discussion at city commission meetings.
Commissioner Michelle Spence-Jones said she wanted work such as plumbing, electrical and landscaping to stay local.
Ms. Ser, the Flagstone attorney, said local workers are to be hired for at least 40% of the sub-contracted work.

www.miamitodaynews.com

http://www.miamiherald.com/business/breaking-news/story/1162109.html

Watson Island resort misses second rent payment to Miami

By DOUGLAS HANKS
dhanks@MiamiHerald.com

The overdue rent payments are mounting for Island Gardens, the ambitious resort, marina and shopping complex planned for Miami's Watson Island. The project has missed its June and July rent payments totaling $100,000 for the city-owned site, and faces a $236,000 claim for a broken lease at its former sales center off Miami Beach's Lincoln Road.

Developer Mehmet Bayraktar, who owns shopping malls in Turkey, has been unable to find a lender for the $640 million project, and says he has invested $50 million in the long-delayed venture since 2001. Miami has given him until February to start construction on the marina, luxury mall and time-share resort. Bayraktar, who is in Europe, has not been available for an interview.

^^I hope they hold firm to that deadline if nothing develops there. It's been years and years at this point, anyway, and this no longer appears to be a serious project unless something changes dramatically. I mean, they can't even make rent payments to the city? That doesn't sound like a project 'moving forward.'

I thought it was a beautiful proposal. Hopefully someone with the resources to get it done will emerge.

It's been years and years at this point, anyway, and this no longer appears to be a serious project unless something changes dramatically. Different people can have their own opinion about what is serious and what isn't, but if you were the guy that spent $50 million and spent years of your life on this you wouldn't say it no longer appears to be serious!

The article doesn't say that Bayraktar can't make rent payments to the City, it says that he isn't making rent payments to the city. In development, that is a distinction with a difference.
Although I don't know the details of their financing, it seems as though they have burned through their cash and are still seeking a construction loan. As soon as that happens, the developer will pay the back rent and the penalties.

It still looks like a serious project, and like many developers in America, there are some serious credit challenges slowing the momentum. Most people are rooting for Bayraktar, and rooting that the momentum doesn't slow to a halt.

I'm rooting for him as well. As I said, I thought the proposal was (is) beautiful. Reality, however, is that it's now been eight years and nothing at all has happened. That's a long time by any definition and the failure to pay rent doesn't exactly send a message of confidence, does it?

..

Reality, however, is that it's now been eight years and nothing at all has happened. If that was in fact the reality then you might be on to something.
However, the reality is that much has happened. Many lawsuits with fisherman, the City of Miami Beach, the State of Florida, some demolition, and a removal of the helipad have taken place. This developer has persevered like few others have.

It has been a treat to see all the work that the developer has done to dredge the bottom of the bay and care for the delicate sea life that the Department of Environmental Resources Management forced him to relocate.
Mehmet made a great presentation at a luncheon about 4 years ago (it lasted 45 minutes with 3 Powerpoint slides), and just last year at the ceremonial groundbreaking, he talked about how all the trials and tribulations of the governmental agencies were much more difficult than finding the financing. Without the DERM delays and the lawsuit with the State of Florida, there isn't much doubt that he would have gone vertical before the credit markets dried up. There were several lenders signed and sealed but not delivered because of these delays. They have constructed on site sales center and have inked several agreements with various hotel operators.

Different people can have their own perception of what is reality and what isn't, if you ask Mehmet or any of the commissioners, financiers, or people that have been working on the project, none would say "nothing at all has happened".
But you are entitled to your own perception of reality.

$100,000 is probably peanuts for this guy. Which is why I believe missing the last two payments isn't a good sign. I would guess he's leaning towards cutting his losses or pressing the city into possibly renegotiating/settling.

It's already been said a thousand times and I'll say it once again...it's too bad the economy went sour because Miami would of had a much more massive skyline right now (more buildings and probably more height). Hopefully this one gets done anyhow.

But you are entitled to your own perception of reality.

As are you.

Not sure why this would even qualify as a debate or a 'perception of reality' in any regard. I didn't question even one iota of the particulars, only that the project itself (as in actual construction of what was proposed) remains---apparently--in limbo.

I've said repeatedly that I love the project and hope for its success. It just seems that the news regarding it has been less than encouraging, that's all.

And in any regard, if this doesn't ultimately work out I'm 100% confident something splendid WILL happen on that site eventually.

And in any regard, if this doesn't ultimately work out I'm 100% confident something splendid WILL happen on that site eventually. No worries...it isn't a debate at all.
When you posted that "it has been eight years and nothing at all has happened" it was probably an innocent comment and you were not aware of all the things that have happened in the last 8 years. I've got your back! Now you know.

this project is bad for miami beach and miami, hopefully it does not get built. the only good part is the marina, otherwise it is the wrong place for a hotel and retail center

this project is bad for miami beach and miami, hopefully it does not get built. the only good part is the marina, otherwise it is the wrong place for a hotel and retail center
...otherwise it is the wrong place for a hotel and retail center because I think that the ______________and the _____________ are not good for the ____________, and you can see this negative impact in other places, a good example is ________________.
My suggestion for a better location for what is envisioned is ________________________, because in this location people would benefit from the ___________________________.

I don't see why it would have been a bad fit there. If Watson Island was a nature preserve or a natural wonder, sure, but it is neither. It's always been used for commercial purposes and I think a design like this would have been very appropriate.

...otherwise it is the wrong place for a hotel and retail center because I think that the ______________and the _____________ are not good for the ____________, and you can see this negative impact in other places, a good example is ________________.
My suggestion for a better location for what is envisioned is ________________________, because in this location people would benefit from the ___________________________.

this project will heavily increase traffic on the macarthur making access to mb much more difficult

it is much preferable for a hotel to be built in an area where pedestrians can walk to and from the hotel. there is no way to access this island other than by car.

only x number of rooms are going to be built in any given year. why should the city skew the market by subsidizing them to be built here, when those rooms normally would be built in downtown/brickell etc. where people can walk to. if these rooms are built, it reduces the market left for bfc ii, worldcenter etc and reduces their chances of being built.

now the marina should be there, because there is no other site that it can be done.

this project will heavily increase traffic on the macarthur making access to mb much more difficult

it is much preferable for a hotel to be built in an area where pedestrians can walk to and from the hotel. there is no way to access this island other than by car.

only x number of rooms are going to be built in any given year. why should the city skew the market by subsidizing them to be built here, when those rooms normally would be built in downtown/brickell etc. where people can walk to. if these rooms are built, it reduces the market left for bfc ii, worldcenter etc and reduces their chances of being built.

now the marina should be there, because there is no other site that it can be done.Thanks for completing those thoughts, you bring up a good point about traffic. In fact, that was the main argument from the City of Miami Beach with regard to the IG and it being a development with regional impact. Traffic is also the argument of every BANANA :banana:(Build Absolutely Nothing Anywhere Near Anybody). The CoMB made a strong argument about the traffic, but in the end, the State and FDOT agreed that the traffic increase was negligible. Dealing with these studies was the source of one of the major delays.

Although it is a walk over a bridge to get to Island Gardens from Miami, it sure is a beautiful walk. The Mandarin Oriental hotel is also on an island, and hundreds of people every day cross that bridge. The walk from the Performing Arts Center to Island Gardens is shorter than the walk than from the Performing Arts Center to the Intercontinental Hotel. Personally, I don't see problem. Additionally, more people on Waston Island will make the Children's Museum and the Jungle thingy more valuable.

The number of hotel rooms is perfect in my opinion. Some are fractional ownership, and some are not. The number of rooms would not cannibalize either South Beach or Miami in any significant way. The hotel rooms and meeting spaces would also serve the Marina in a important way for special events such as the Volvo and the Yacht Brokers show. I also love the number of jobs that would be created. The upscale retail component with the public spaces is also fantastic. It would compliment the Marina, the hotels, and meeting spaces. As of now, downtown/South Beach shoppers must go to the Village of Merrick Park or Bal Harbour Shops, and many do. To have such an amenity in the City of Miami is great.

You may say that Island Gardens is bad for Miami and Miami Beach, but having a empty field of dirt is even worse. Empty fields of dirt don't provide many jobs, don't provide any sales tax revenue, don't provide much in property tax revenue, and empty fields of dirt do not serve either community well.

you sidestepped the main issue: should the city subsidize these rooms to be built at the expense of developers who are proposing rooms in a superior location? the answer is no.

you sidestepped the main issue: should the city subsidize these rooms to be built at the expense of developers who are proposing rooms in a superior location? the answer is no.Sorry, if that was the main issue, it is strange to bury it in the third paragraph.

Your premise is that the City is subsidizing hotel rooms? Where do you get that idea.
It is my understanding that the City is leasing the land to Island Gardens, just like the City is leasing land to GGP for Bayside Market Place, and just like the City leases the land to Ram Melwhani for the Rickenbacker Marina, just like the City leases the land to University of Miami at the James L. Knight Center, and just like the City leases land to the Rusty Pelican etc. etc.

I don't see any problem with that at all.

Sorry, if that was the main issue, it is strange to bury it in the third paragraph.

Your premise is that the City is subsidizing hotel rooms? Where do you get that idea.
It is my understanding that the City is leasing the land to Island Gardens, just like the City is leasing land to GGP for Bayside Market Place, and just like the City leases the land to Ram Melwhani for the Rickenbacker Marina, just like the City leases the land to University of Miami at the James L. Knight Center, and just like the City leases land to the Rusty Pelican etc. etc.

I don't see any problem with that at all.


here is a good article on why this project is not a good one
http://miamitodaynews.com/news/090820/story-viewpoint.shtml

The author loses all credibility in my eyes with his opinion on the port tunnel. If he cannot put the pieces together to see how important that is for downtown then I don't respect his views on city planning. Sorry.

The author loses all credibility in my eyes with his opinion on the port tunnel. If he cannot put the pieces together to see how important that is for downtown then I don't respect his views on city planning. Sorry.


i think it would be great to have a tunnel, but there are better uses for that money, 1 billion is a lot of money

i think it would be great to have a tunnel, but there are better uses for that money, 1 billion is a lot of money

...like for the Metro...

here is a good article on why this project is not a good one
http://miamitodaynews.com/news/090820/story-viewpoint.shtml
Sodem, sometimes I wonder if you are even serious...

ML's Viewpoint is an Editorial; it is an opinion piece. It does not address ONE SINGLE issue that you have brought to the forefront. In fact, you still have not defended your argument with any of your own ideas. It is also fact that you have not demonstrated how the City of Miami is subsidizing rooms as you have claimed they are.

Differences of opinion are fine, but there should be no differences of fact.

Michael Lewis is a very respectable person, intelligent, and passionate about this community like few people are passionate about Miami.
I will take up the shortcomings of argument with him, but you are still on the hook to explain how these hotel rooms are subsidized as you have presented as fact on this forum.

Please, if you are going to make assertions, then support them. Don't throw out an idea or a generalization then run from it when pressed for the truth.

i will repeat, the city is effectively subsidizing these rooms by renting the land at below market terms. no private landwoner would ever give away land at these terms

miami worldcenter was directly competing with this guy for financing. worldcenter phase 1 is very similar to this project in terms of retail/hotel components. even unbuilt, worldcenter is probably paying more in property tax alone than this guy would be paying rent. almost everything about the island gardens proposal is inferior to mwc. the fact that this guy went under is very good news for mwc.

as a side note i believe that the city should have seized bayside when general growth was behind on rent last year.

i will repeat, the city is effectively subsidizing these rooms by renting the land at below market terms. no private landwoner would ever give away land at these terms Perhaps no private owner would, but it isn't privately owned so the comparison is mute.
The City is leasing the land and the development agreement requires that a certain amount of the land be used for public use.
As part of an extensive lawsuit, the question of whether ther land was devoted to open public spaces and public use. The Court upheld the development agreement and ruled that there was substantial public benefit.

Naturally, the development agreement is extensive; it is stretch to say that the City has subsidized the hotel rooms as opposed to providing development incentives for the public spaces, marina spaces, or park space. It has been sometime since reading the agreement, but there are significant revenues generated from Island Gardens to benefit the public coffers.
Public incentives to develop jobs, economic engines, and public spaces are fine by me, if approached in a thoughtful way. Rusty Pelican, Rickenbacher Marina, Bayside Marketplace, Island Gardens, are all fantastic projects in my opinion, but that is what it is, an opinion.

Yes, MWC and Island Gardens are competing for financing, but they are both competing with every project in the universe for financing...so what?
Comparing IG and MWC is an apples to oranges comparison.

as a side note i believe that the city should have seized bayside when general growth was behind on rent last year.
In your believe, the City of Miami would seize property and then do what?
Get involved in the Management of Shopping Centers?
You can't possibly be serious.
Maybe you are suggesting that the City seize the property, fire all the workers, and board it up.

Or quite possibly you have not really thought that all the way through.

Perhaps no private owner would, but it isn't privately owned so the comparison is mute.
The City is leasing the land and the development agreement requires that a certain amount of the land be used for public use.
As part of an extensive lawsuit, the question of whether ther land was devoted to open public spaces and public use. The Court upheld the development agreement and ruled that there was substantial public benefit.

Naturally, the development agreement is extensive; it is stretch to say that the City has subsidized the hotel rooms as opposed to providing development incentives for the public spaces, marina spaces, or park space. It has been sometime since reading the agreement, but there are significant revenues generated from Island Gardens to benefit the public coffers.
Public incentives to develop jobs, economic engines, and public spaces are fine by me, if approached in a thoughtful way. Rusty Pelican, Rickenbacher Marina, Bayside Marketplace, Island Gardens, are all fantastic projects in my opinion, but that is what it is, an opinion.

Yes, MWC and Island Gardens are competing for financing, but they are both competing with every project in the universe for financing...so what?
Comparing IG and MWC is an apples to oranges comparison.


In your believe, the City of Miami would seize property and then do what?
Get involved in the Management of Shopping Centers?
You can't possibly be serious.
Maybe you are suggesting that the City seize the property, fire all the workers, and board it up.

Or quite possibly you have not really thought that all the way through.


i cannot tell from your convoluted post whether you are conceding that the lease terms amount to subsidizing the project, but either way i dont think the city should be encouraging this type of development there.

as far as bayside, i think the city could have brought in a stronger operator likely at better terms

i cannot tell from your convoluted post whether you are conceding that the lease terms amount to subsidizing the project, but either way i dont think the city should be encouraging this type of development there.The rooms are not subsidized in any signficant way. You can find it in this direct quote.
Naturally, the development agreement is extensive; it is stretch to say that the City has subsidized the hotel rooms as opposed to providing development incentives for the public spaces, marina spaces, or park space.It is a stretch...
The James L Knight center on the waterfront is another City owned parcel; this one with a Hyatt hotel. A much better comparison project to use than MWC.
I don't have a problem with it.
as far as bayside, i think the city could have brought in a stronger operator likely at better termsOh...interesting.
You think the City should have seized the property, and brought in a stronger operater, can you name one better than General Growth Partners?

Personally, I like the continuity of keeping landlord/tenant relationships in place and just penalizing the late payments, then collecting those payments and fees.

The rooms are not subsidized in any signficant way.

not quite sure what your knowledge level of real estate is, but if you add up the cost of what mwc is doing vs the lease payments of island gardens you might think differently

not quite sure what your knowledge level of real estate is,Extensive.
but if you add up the cost of what mwc is doing vs the lease payments of island gardens you might think differently
Again, MWC and Island Gardens have very little to do with each other. Apples and Oranges.
With all due respect, what the hell are you talking about?

Whatever happened with the Miami World Center-project?

I truly love it!

Developer: Watson Island marina will start on time
The developer of a stalled resort on Watson Island is now current on his back rent to Miami, and he says he's optimistic about his chances to build a marina there.

By DOUGLAS HANKS
dhanks@MiamiHerald.com
The developer of the stalled Island Gardens yachting resort on Miami's Watson Island has repaid $100,000 in back rent for the city-owned site and vowed to start construction on a luxury marina there before a February deadline.

In his first interview since facing a default notice from Miami earlier this summer, Mehmet Bayraktar said he lost a major financial backer in the retail and resort complex. But the CEO of Flagstone Development said he felt confident he can hold onto the lender that has agreed to fund a $31 million ``mega-yacht'' marina on the site, where boats as large as football fields could tie up for the evening.

``It's there,'' Bayraktar said of the financing deal for the marina. ``But we basically have to redo the numbers.''

Bayraktar's interview in the posh but idle Island Gardens sales center shed new light on how this year's economic crisis rattled a $640 million project endorsed in a 2001 city referendum and years behind schedule.

Banks that had agreed to sell the construction debt on Wall Street have backed off, he said. High-end stores that signed up to rent space in a mall on the island reneged, and Shangri-La, the Hong Kong hotel chain slated to manage one of two hotel and luxury time-share towers at Island Gardens, also put its commitment on hold.

The most recent blow came in May when ING Clarion pulled back on a deal to secure $175 million in equity from an investor for the project, Bayraktar said. The agreement included a provision for ING to reimburse Bayraktar about half of the $50 million he says he has personally pumped into the project.

``It's nobody's fault. It's the fault of the financial world,'' said Bayraktar, a retail developer in Turkey. ``Basically, we had to take a break.''

The project faces claims of $2 million in unpaid bills from its former general counsel, its former architect and contractor and the building where it rented office space in Miami Beach. In June, Island Gardens missed the first of two $50,000 monthly rent payments for the 11-acre site, prompting stern warnings from Miami to pay or risk losing its development deal for the waterfront parcel.

Aldo Bustamante, the city of Miami's real estate manager, confirmed Island Gardens has paid the back rent, calling it a ``positive indication'' as Bayraktar faces a February 2010 deadline to start construction.

The developer said his plan is to begin work on the 50-slip marina, while waiting two years at the most before starting construction on the hotel and retail components.

He would not predict when he could finalize the loan for the marina, but said he would make the city's February 2010 deadline.

Marc Sarnoff, the Miami commissioner with Watson Island in his district, said he would not support building a marina on the site without some sort of retail component for residents to enjoy.

``I think the marina is a great idea,'' he said. ``But there has to be something done with the upland [area]. It may not need to have the [resort] towers, but you need to have some connectivity that brings people's interests there.''

Beware of premature autopsies.

Whatever happened with the Miami World Center-project?

I truly love it!

worldcenter is being discussed on this forum under the title 'billionaire plan for park west', it is moving forward and they just finalized the deal to buy the last parcel of land

worldcenter is being discussed on this forum under the title 'billionaire plan for park west', it is moving forward and they just finalized the deal to buy the last parcel of land

Great, thanks.

Although it may just be a desolate field of grass and a museum, Watson Island is currently a place for anyone to come and just relax, even if it means just sitting in your car looking at the skyline, so be it.People currently do that on the South side of the island.
Island Gardens will not effect that area. Nothing changes.
Island Gardens will serve only the wealthy in Miami.This is absolutely not true.
There are open spaces for all of the public. Just like at Bayside.
The development agreement requires that there be open baywalk and public spaces, and the developer has purposely optimized and maximized the open air spaces and community gathering spaces.
The vast majority of Miamians don't have the disposable income to shop at Bal Harbour, so the vast majority won't be shopping at Island Gardens.So. What is your point? The vast majority of Miamiams don't want to sit in the car and be totally unproductive. So what?
Today, the vast majority of Miamians are not parking in Watson Island to enjoy.
They will not be there tomorrow, or the next day.
It's going to go from an empty field that doesn't create any jobs, to a glamourous locale that creates hundreds of jobs, and you think that is bad.
Is it beautiful and glitzy? Yeah. But Watson Island is going from being an area anyone can enjoy to another glamorous locale for the wealthy, when it could be made into something everyone can enjoy. A park is such an example, but it could be a myriad of things. A "luxury condo" and such, is not always the answer in Miami, and I think after this past construction boom, Miami should have learnt that by now. Watson Island should be enjoyed by everyone, not just the rich.
This is a very difficult paragraph to comment on, because the premise is false.
Get educated about the project. When you do, you will see that there is a significant amount of open park space. Open bay front. Concert space open for free concerts.

1. Jobs will be created. Several hundreds of year around jobs, jobs for jobless people, jobs for poor people, jobs for somewhat poor people, jobs for restaurant managers, hotel managers, booking agents, chefs, shopkeepers, etc, etc. Not many jobs for rich people....but lots and lots of jobs. Exponentially more high paying jobs than a park will provide.
2. The meeting spaces will attract tourists requiring multiple night stays.
3. The open spaces will be open to the public.
4. For those that want to sit in the cars and not do anything...they still can.
5. There is a grassy park across the bridge at Museum park.
6. There is a "nature park with gardens and stuff" across the street at Jungle Island.

If people really cared about the poor people in our community, they would be more concerned with giving them a job so that they didn't have to be poor any longer.

I hope that the more you understand the project and economic development, you will change you mind about the benefits to the community, and all it's people.

Sorry Roark, I disagree, I do not like Island Gardens, and I think it is a bad project for the location. Just my two little cents.

Sorry Roark, I disagree, I do not like Island Gardens, and I think it is a bad project for the location. Just my two little cents.That's fine that you don't like it..you shouldn't apologize for your opinion.
However, when you post as a matter of fact that "Island Gardens will serve only the wealthy in Miami." You should retract and apologize for that.
It is simply not true, and violates common sense and economic development principles.

The City, the State, and the developer have gone through great lengths in the development agreement to afford excellent vistas and public spaces. Couple that with the fact the the project will maintain and sustain those spaces, it is one very well thought out project.

Just curiously...you said you disagree...disagree with what?
1. Several hundreds of year around jobs, jobs for jobless people, jobs for poor people, jobs for somewhat poor people, jobs for restaurant managers, hotel managers, booking agents, chefs, shopkeepers, etc, etc.
2. The meeting spaces will attract tourists requiring multiple night stays.
3. The open spaces will be open to the public.
4. For those that want to sit in the cars and not do anything...they still can.
5. There is a grassy park across the bridge at Museum park.
6. There is a "nature park with gardens and stuff" across the street at Jungle Island.

http://www.miamitodaynews.com/news/091022/story7.shtml

Miami and developer have different views on fate of Island Gardens; County committee declares land 'blighted'


By Risa Polansky

A luxury development long planned for Miami's Watson Island is just about dead in the water, a top city official says.
The developer, however, insists it's simply on hold.
The fate of the Island Gardens luxury hotels and mega-yacht marina project has been uncertain for months as developer Mehmet Bayraktar struggles to make rent payments on the city-owned land.
He's insisted — and continues to insist — the project is moving ahead, just more slowly because of the global financial meltdown.
But now, Miami Chief Financial Officer Larry Spring is saying Island Gardens is probably sunk.
"The developer has come to the city and stated because of the inability to secure the financing he is not able to move forwardÖ Right now it is unlikely that we have a project," he told Miami-Dade commissioners at a committee meeting last week.
In considering declaring part of Watson Island and nearby Bicentennial Park blighted in order to expand a city community redevelopment agency to encompass the properties, county Commissioner Katy Sorenson questioned the move, noting the land wouldn't fit the criteria of "slummed or blighted" with luxury hotels sitting on it.
With such grand plans for the waterfront property, "why are we making this part of a CRA?" she questioned.
That's when Mr. Spring sprang the news, telling commissioners "unfortunately it just won't be there."
The city this month sent the developer a notice of default, he noted.
It's dated Oct. 1 and allows 30 days to pay a missing $83,000 in August rent.
Mr. Bayraktar's Flagstone Property Group has yet to pay that month and beyond.
He also missed June and July payments but came through with those in August.
In an interview last month, Mr. Bayraktar said rent is not the issue — the global financial meltdown is.
He couldn't promise making monthly payments to the city but said he planned to focus on financing the project itself.
That's still where he stands, he said via e-mail last week.
Mr. Spring's comments were missing a key phrase, Mr. Bayraktar said: "at this time."
"At this time we are on hold due to [the] global financial meltdownÖ It doesn't mean that we are not going forward with the development," he wrote.
He said he didn't tell the city the project was off but "told them at this time we are not in a position to pay imposed "consideration for use payment[s]' which we are not even using the land."
The city calls the required monthly payments "consideration for use," not rent.
Commissioners last year demanded Flagstone pay monthly to use the site in exchange for more time to get the project started.
Though his company agreed to the arrangement, Mr. Bayraktar lately has complained of the "imposed" payments for the land he's not yet using.
Still, he insists he has not called off the project.
In fact, he said, "we are actually making progress with different equity and financing sources."
He did not elaborate.
Mr. Spring did not return several phone calls or an e-mail requesting he clarify his statements at the county committee meeting, where he said more than once the project is "unlikely to be moving forward."
Still, county Commissioner Sorenson said at the time, even if that particular luxury development never gets built, another probably will — it's prime waterfront land.
Mr. Spring said the plan was always for Watson Island to be "a donor area to the CRA," generating property tax revenue that would contribute to projects in actual blighted areas, such as building Museum Park in the now empty Bicentennial Park, also part of the proposed expanded redevelopment area.
Redevelopment agencies generate revenue by capping the value of real property in the area and collecting the tax increment above the cap as property values rise.
The measure declaring the land "blighted" passed in committee, but Ms. Sorenson said she has some thinking to do before the full commission considers the item Nov. 3.

Check this out.

www.miapoliscity.com

Check this out.
www.miapoliscity.com
This has been posted all over the place. It doesn't have much to do with Island Gardens though.
This Miapolis is on the East side of the street on Government owned land where Jungle Island currently exists.
I've always thought that it was a student project, but could be wrong.
Then again, I've always thought that air rights above 2,000 ft were owned by the US Government/FCC.

..

^^ Jimmy, what's gotten into you?! You're not the poster you use to be. Is everything okay?

Is that Jimmy sitting on that piece of meat? That was way!!!!!!!!! too disturbing.

I've been really busy the past couple of days but it looks like I missed some "interesting" posts here! :lol:

I've been really busy the past couple of days but it looks like I missed some "interesting" posts here! :lol:It is a soap opera with plenty of drama "As the Skyscraper Turns".

http://www.miamiherald.com/460/story/1393646.html

BY CHARLES RABIN
CRABIN@MIAMIHERALD.COM
A plan to spiff up Watson Island, which nearly went down in a cloud of dust last week with Miami city commissioners questioning the developer's checkbook, past due rent to the city and liens on the property, will get one last chance to survive Tuesday.

Awarded the rights to develop on what the city considers the crown jewel of its waterfront portfolio, Flagstone developer Mehmet Bayraktar had received several extensions to come through on an original $281 million deal that calls for a five-star hotel, exclusive restaurants and a mega-yacht facility that would cater to the world's wealthiest clientele.

No shovel has hit the ground on what was hailed as Miami's greatest waterfront vision eight years ago.

Last week the City Commission threw down the gauntlet: Bayraktar has been asked to attend a Tuesday morning emergency meeting, make good on $500,000 in back rent, pump up his escrow by at least another $500,000, and make good on other concessions -- or lose the rights to build on the key link between Miami and Miami Beach.

The deal is now expected to cost more than $600 million.

Bayraktar and his advisors say the project has stalled because of lawsuits and the melting global economy. City leaders question why nothing was done on the ballyhooed project before the economy began to slide in 2007.

``I don't believe for one second the global meltdown is the reason,'' said Mayor Tomás Regalado, whose preference is to strip the Watson Island rights from Bayraktar, but who nevertheless negotiated to give him one more chance. ``They have had years.''

Countered Bayraktar lobbyist Brian May: ``I understand the city is frustrated with the project. Flagstone is also frustrated.''

It was only a week after the terrorist attacks in 2001 when city commissioners gathered on Watson Island to pick the winner of perhaps the most exclusive bid in Miami in decades. Bayraktar was given the prize ahead of several others, including developer Michael Swerdlow.

But the deal wasn't quite done: A 1987 charter amendment made Watson Island the only piece of city waterfront property that could not be developed without a public vote.

So two months late in November 2001, after a $100,000 campaign by city leaders to sway public opinion, Miamians overwhelmingly voted for Bayraktar to build.

What was promised filled the hearts of a city still reeling from 9/11, and who had watched the city's infrastructure stagnate for years: ritzy hotels, shops, gardens, restaurants and a 54-slip mega-yacht complex that would attract the biggest yachts from around the globe.

THE DEAL

Flagstone was to pay $1 million a year in rent during the two years it would take to build, then $2 million a year to the city and a percentage of retail and hotel sales. Miami expected to see $250 million over the project's 45-year lease.

But construction was delayed as Bayraktar fought lawsuits and money woes. Then the world's economy went into the tank. The city granted him extensions. Though construction never began, he upped his rent payments to $83,000 a month, or $1 million a year.

Last week, city leaders led by Regalado and Commission Chairman Marc Sarnoff said they'd had enough. Regalado blasted Bayraktar from the podium, as Sarnoff did the same from behind the dais. May and other advisors held out for more time.

They discussed the problems in the sunshine three times. Between those airings, Bayraktar's team and city negotiators tried to reach agreement upstairs in the city manager's office.
At one point during the proceedings Bayraktar himself took the podium, saying he moved to Miami after the 2001 deal and has not made an attempt to do another development since. He claims to have spent close to $50 million keeping the project afloat.

But Sarnoff, an attorney, pounced. He disclosed Bayraktar is facing $2.7 million in judgments and $2.1 million in liens on the property. Then, to free the city of legal obligations before attempting to kill the project, Sarnoff asked Bayraktar if Miami was in breach of contract.

``The city, in principle, is not in breach of contract,'' Bayraktar said.

So Sarnoff set his conditions: Immediately provide $500,000 in back rent, prepay rent by $1 million, put $2 million in escrow, and sign an affidavit saying Miami is not responsible for delays.

Sarnoff's moves prompted conditions from Commissioner Francis Suarez, who said no more extensions, and asked that Bayraktar agree to vacate the premises within 30 days if he doesn't live up to new rent obligations.

At the meeting, Bayraktar had laid out new conditions he said he can live up to. He wanted a one-year extension until January 2011, the release of $500,000 in escrow to cover his late rent payments, and a lowered monthly rent of $42,000.

That angered Commissioner Frank Carollo: ``I don't want to send a message that if you're in default with the city of Miami that brings you the opportunity to wheel and deal.''

ANGRY RESPONSE

At one point during the meeting, in a hallway outside the chamber, someone handed Bayraktar papers, which he refused. Caught later in the parking lot, he grabbed them and angrily threw them down on the wet pavement.

When May, the Flagstone lobbyist, returned from the final evening meeting upstairs at City Hall, he said the sides were close, but final approval was needed from Bayraktar's family who was not in Miami.

``It's really hard to explain [the complex terms of a negotiation] to folks who are fast asleep in Turkey,'' May said.

Monday afternoon, Bayraktar's attorneys said their client agreed to pay the rent he owed by turning over $498,000 being held in escrow

Both cities of Miami and Miami Beach are looking to expand their convention centers. In my fever dream the Metrorail expansion to Miami Beach is fully completed, and a massive convention center is built on Watson Island, with the central location being able to make use of all of the rooms on the mainland and the former peninsula.

What would've happened to the Children's Museum if this Island Gadens thing ever happned?

What would've happened to the Children's Museum if this Island Gadens thing ever happned? They would have experienced a tremendous increase in business!

The land on Watson Island is huge. Island Garden's would have occupied (wild guess) 20% of the land.

per miami today, commissioners will vote tomorrow on extending the lease. They will have a few more years to complete the marina, and up to 2028 for the hotel as long as they pay rent. big mistake

Buahahahahaha... This thing will never be done. They need to just sell the land. It is like mother says, "Either **** or get off the pot." Sorry for the language.

Buahahahahaha... This thing will never be done. They need to just sell the land. It is like mother says, "Either **** or get off the pot." Sorry for the language.
I like the idea of the City retaining the ownership of the land and leasing it out. No need to sell the best waterfront land. The City is doing the right thing.

can we make it a park and leave it alone

can we make it a park and leave it alone

No.

can we make it a park and leave it alone

Honestly! It's been forever. I don't want to wait until 2068 for something to be built there. Let's just make it a park already.

Honestly! It's been forever. I don't want to wait until 2068 for something to be built there. Let's just make it a park already.
If you are impatient, you build something there!
There isn't a long line of developers ahead of you.

Park space COSTS money to operate, the city doesn't have any money.
Fortunately, we have acres upon acres of park space within a 1 mile square area. It is underutilized and underprogrammed.

If you are impatient, you build something there!
There isn't a long line of developers ahead of you.

Park space COSTS money to operate, the city doesn't have any money.
Fortunately, we have acres upon acres of park space within a 1 mile square area. It is underutilized and underprogrammed.

Thank you, I'm so aggravated by f-ing r-words who think the only solution to a vacant piece of land is a park. It's not even feasible; who would drive out to an island just to sit around or walk, when you can do the exact same thing at Bayfront or South Pointe?

Unless he means something with a marina...

^^ I would (and do) :)

Thank you, I'm so aggravated by f-ing r-words who think the only solution to a vacant piece of land is a park. It's not even feasible; who would drive out to an island just to sit around or walk, when you can do the exact same thing at Bayfront or South Pointe?

Unless he means something with a marina...
There is a Marina (and Park) across the street, another marina across the bay to the north, and another across the bay to the south.

There is a park at the south end of Watson Island...a park across the bridge and to the south called bicentennial park, there are parks and marinas at Bayside...a park across the bridge and to the north called Margaret Pace Park...Biscayne Bay National Park...and the ...really...does this need to go on?

I don't think that they are retards. They are probably good people that just don't really go to Watson Island like I do. They probably don't walk along all the bayfront parks in that area like I do.
They just like parks, but don't really know the area. Very often, they live in the suburbs or different cities and talk about what NEEDS to happen. They probaly don't understand all the public access amenities that Island Gardens planned to implement, etc. and all the park land within a 1 mile square radius. Empty park land to boot. It doesn't warrant any name calling.

Well I'm radical when it comes to this.

You can never have too many boats.

Well I'm radical when it comes to this. You can never have too many boats. Island Gardens has plans for a state of the art Mega Yacht Marina, with dual level docks to serve Yachts of 450 ft. One level for passengers, one level for provisioning and crew.

The developer has spent millions and millions of his dollars to replace the sensitive plant life from the Biscayne Bay and replant it elsewhere in the bay.

The developer will pay (not the taxpayers) for these boat slips. The developer has already paid for the dredging.
The developer will pay (not the taxpayers)for the baywalk which has public access of course. The developer will pay (not the taxpayers) for the amphitheatre where the public can enjoy live music.
Not only that...the developer will PAY the city to add all of these things.
There are also hotels that will provide jobs. Many more jobs than a park provides. After the hundreds of workers, shoppers, and hotel guests walk outside of Island Gardens, there is a park just to the south.

It's a good project, and it would be great for the City if it gets done.

Well I'm radical when it comes to this.

You can never have too many boats.

:okay:

But you can have too many no-wake zones.

But you can have too many no-wake zones.
"If you take you hand off the throttle for a second, that's what place you'll finish." -As seen painted on an offshore race boat

Didn't know where to post this but interesting development of our water Ports:

http://southflorida.bizjournals.com/southflorida/stories/2010/03/29/daily52.html?ana=yfcpc

Seems port of miami may be building the largest terminal in the world (title currently owned by Port everyglades for the new Oasis of the Seas by Royal Caribbean) but would not be used for the large vessel (nor its sister ship coming out later in the year) but to be able to service multiple vessels at the same time.

Port everyglades revamping the Carnival terminal.

All in all, $ and employment and Port domminace!

Does anybody know where to get a site plan, floor plan, or ground floor plan for the Island Gardens Project. I would reallly appreciate a link to a website with it or if you have it, please upload it. Thanks!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Does anybody know where to get a site plan, floor plan, or ground floor plan for the Island Gardens Project. I would reallly appreciate a link to a website with it or if you have it, please upload it. Thanks!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Site plan:
http://egov.ci.miami.fl.us/Legistarweb/Attachments/17268.PDF

project plans:
http://egov.ci.miami.fl.us/Legistarweb/Attachments/6533.PDF

The project may be going bye bye anyway:

http://www.miamitodaynews.com/news/100923/story1.shtml

It's fish or cut bait for Flagstone Property Group's Watson Island mega-yacht complex


By Jacquelyn Weiner
Nearly a decade after voters approved a mega-yacht complex on Watson Island, Miami commissioners are to decide today (9/23) whether to sink or sail agreements with developer Flagstone Property Group.
Miami Mayor Tomás Regalado urged commissioners last week to cut ties with the developer.
"This is the most precious land the city has," he said, "not even this city hall sitting on the water."
Commissioners by 3-2 voted to postpone the project's fate to today. Frank Carollo and Wifredo Gort voted to cut ties; Marc Sarnoff, Richard Dunn II and Francis Suarez voted to wait a week.
But with the extra week came a demand: Flagstone must agree to all the city's terms — unchanged — and pay $200,000 in back rent since February immediately or the city will sever ties.
Voters in 2001 approved Flagstone's Island Gardens, the luxury hotel, retail and mega-yacht marina complex planned for city-owned Watson Island land.
Miami commissioners gave Flagstone a 75-year lease that year and a major use special permit in 2004.
Since then — years after fishermen were cleared off the land — the city has granted the developer four extensions. Flagstone has faced lawsuits and seen lenders and would-be hotel operators come and go.
The final agreement between the city and Flagstone was to be voted on in July but never happened. Business terms were approved in March.
Under the new deal, Flagstone would have three years to start its marina and six to start the retail and parking, with deadlines set throughout. It would also pay annual rent, starting with $300,000 this year, jumping to $2 million by 2018.
When Flagstone didn't respond to the city's most recent efforts at an agreement, City Manager Carlos Migoya said he told the developer the city intended to end negotiations.
He also said he requested the $200,000 in rent Flagstone hasn't paid since February.
"If you're going to have a contract, you ought to have a good-faith payment," he said.
Lobbyist Brian May, representing Flagstone, countered that the developer wasn't supposed to pay the back rent until an agreement was inked.
Mr. May said Flagstone was willing to accept the agreement's terms and pay the rent.
"This idea that we are stringing the city along is not accurate," he said. "It is really a two-way street."
While some commissioners said enough is enough, Mr. Suarez noted that cutting ties would mean lost revenue.
"Are we going to leave $200,000 on the table? Are we in that kind of a position?"
He also warned that breaking ties with Flagstone could prompt lengthy litigation.
Commission Chairman Sarnoff said he wasn't ready to walk away from the opportunity to add a job-producing industry.
"I've heard other ideas," he said. "But at the end of the day, the best, highest use of this land really is a mega facility."
"I don't know anybody that's going to build a mega-fleet facility on this land other than Flagstone."
Still, Mr. Carollo said he didn't like that back rent was being used as leverage.
"This sounds like a bad marriage," he said. "We just need to cut our losses and move on."

Printed in Today's Herald

The Miami Herald

Posted on Mon, Oct. 04, 2010
Watson Island plan: on track, but slimmed-down?
BY CHARLES RABIN
crabin@MiamiHerald.com

The only development now set in stone for Watson Island is a mega-yacht facility. It was a bizarre scene even by Miami standards: A well-heeled lobbyist standing in front of Miami commissioners holding a $200,000 cashier's check. The mayor wanting it -- yet worrying it was being used as a lure to string the city along.
The city manager checking to make sure it was real. And finally, the city attorney accepting it, and most commissioners quickly voting to save one of the city's most ballyhooed -- but delayed -- projects, at least for now.

``It didn't bounce at all,'' City Manager Carlos Migoya said of the check.

Last month's 4-1 vote, with Commissioner Frank Carollo the lone dissenter, means the remake of the long-neglected southern end of Watson Island by the Flagstone Island Gardens group is still alive.

But more than nine years after voters gave developer Mehmet Bayraktar the go-ahead to build a Shangri-La-type village on one of the city's remaining waterfront jewels, a question remains: Can the public expect anything more than a slimmed-down version?

``I'm tired,'' said Commissioner Wifredo ``Willy'' Gort, recalling the vote he took part in back in 2001. ``I have a lot of doubts on this right now.''

Watson Island, a spit of land connecting Miami Beach to the mainland, has long been described as one of the city's remaining waterfront jewels. Yet for decades its southern end has sat mostly barren and dusty.

Almost a decade ago commissioners ceremoniously gathered in a shack on the island, let the public vote for development, then crowed of what was to come: Five-star hotels and restaurants, with the world's wealthiest mooring their yachts at a sparkling facility as fishermen sold their daily catch at markets flowing with customers.

In November 2001, voters overwhelmingly supported the plan, granting Bayraktar a 45-year lease. By 2004, he had secured the permits necessary to build.

His initial venture included hotels of 14 and 25 floors, surrounded by 137,000 square feet of retail space, ponds, gardens, walkways and dining facilities on balconies overlooking a 54-slip mega yacht facility off the island's west end.

The Chalks Airline terminal was to remain, until a 2005 crash off Miami Beach ended the company's operations.

Hotel developer Sherwood ``Woody'' Weiser, who built The Grand Hotel in Coconut Grove, was to put up 40 percent of the money for the project, and remains a member of the Island Gardens advisory board. The developers said they'd have the permits in place within a year, and that Miami would receive almost $250 million in payments over the 45-year lease.

Yet since the voter approval Miami has collected only $1.1 million -- and not a single piece of promised construction has broken ground.

``We went out and campaigned for it,'' said Miami Mayor Tomás Regalado, who voted with Gort to allow the public referendum. ``The fisherman who were there who were kicked out actually campaigned for the referendum.''

Since 2001, rent has been paid sporadically. Commissioners signed off on extensions for the agreement. Threats from the city about taking back the property came and went.

Bayraktar spent three years fighting lawsuits filed by residents of nearby Venetia who argued the plans would affect their quality of life. Since then, as the world's economy teetered, he has been unable to find financing.

Other issues surfaced: It turned out Shangri-La Hotel & Resorts, China's largest luxury hotel operator and the company that was to build on Watson Island, had connections to Cuba. In a city filled with thousands of exiles from the communist nation, the news rubbed some raw.

``It's like perfect storms hitting the project,'' said Regalado. ``This is the Murphy's Law poster child.''

Bayraktar's attorney Kevin Cowan of Shutts & Bowen, said, ``We ran into 9/11, then a real estate financing collapse.''

When Regalado was elected mayor in November, he made Watson Island a priority. He met with Bayraktar and his advisors and came up with an agreement in March in which Bayraktar would pay the city $200,000 and the plan would live yet again.

Bayraktar, however, refused to make the payments until commissioners voted for a new agreement. Last month's theatrics and the $200,000 check set Bayraktar back in good graces with the city -- for now.

Now, Bayraktar has three years to start construction of the marina, and six years to begin any retail and parking. Rent payments begin at $300,000 the first year, and cap at $2 million in 2018.

City planners must go before the state to secure waivers on some parts of the plan, and the item must return to Miami for a final vote, probably late this year or early next.

Bayraktar has four months to clear up more than $3 million in liens accumulated over the years. If any of the conditions are not met, the city has the right to take back the land.

Under the new agreement, there are no specific plans for hotels or restaurants or retail outlets. The only development set in stone: a mega-yacht facility. The idea is to lure some of the wealthiest people in the world to Miami, and away from facilities in Fort Lauderdale and the Bahamas.

Mega-yacht marinas typically attract millions of dollars in potential revenue for the surrounding community. The boats have large staffs and need fuel. They need to be cleaned and serviced. Families and guests have to eat, shop, and typically stay on land when the boat is docked.

Plans call for a pair of 470-foot elevated, tree-lined platforms. Vessels must be between 100 and 465 feet. Only 23 boats less than 100 feet long will be permitted at a time at the 54-slip marina. A pair of water taxis and four charter boats would dock. Cowan, Bayraktar's attorney, said the fact that elements of the project can be built in phases should give city leaders faith his client will come through.

``Once the marina is visible, it will bring a great deal of spotlight to the project,'' said Cowan, adding Flagstone has several sources looking at financing the plan, though, ``nothing is inked.''

Still, Commissioner Carollo wants the land back. He made that clear during last month's meeting, when he said Flagstone has had more than enough opportunity to deliver. ``This sounds like a bad marriage,'' he said. ``And we just need to move along.''

Brian May, a lobbyist hired by Bayraktar to negotiate the new terms with the city, said between dealing with lawsuits and the faltering economy, his client was caught in a tidal wave of bad timing.

``This idea that we've been stringing the city along is really not accurate,'' said May. And, he added: ``There will not be any more negotiations.''


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© 2010 Miami Herald Media Company. All Rights Reserved.
http://www.miamiherald.com

Florida Cabinet OKs Watson Island mega-yacht marina complex

By Jacquelyn Weiner
A state waiver allowing for development of a mega-yacht facility on Watson Island has won approval from the Florida Cabinet.
Now, the long-planned project goes to Miami city commissioners for final approval.
If OK'd, Flagstone Development Group hopes to break ground on its Island Gardens project in the first half of 2012, Flagstone's attorney Kevin Cowan has said. Mr. Cowan has called the commission vote "simply an administrative approval," whereas city officials have said they could still choose to block the project.
Flagstone's Island Gardens, the luxury hotel, retail and mega-yacht marina complex planned for the city-owned Watson Island site, was approved by voters in 2001.
Miami commissioners gave Flagstone a 75-year lease the same year and a major use special permit for the project in 2004.
Since then, the project has yet to break ground and Miami has granted Flagstone several extensions.
Miami commissioners gave Flagstone what they called a last chance in September, agreeing to new terms and a revised construction timeline.
Yet before the project can break ground, a waiver had to be secured from the Florida Cabinet because Island Gardens is planned on land given to Miami by the state in 1949 for public use. Any commercial development on the land requires state approval.
A previous waiver was approved in 2004, but a new OK was needed because the development agreement has changed significantly since then.
After further delays, including the item's withdrawal from an April cabinet agenda, Florida Gov. Rick Scott and the Florida Cabinet unanimously approved the amended deed restriction Aug. 16, though not without question.
Cabinet members asked multiple times whether the payment plan, with 85% of rent going to the city and 15% to the state, was fair to the state.
Miami Assistant City Manager Alice Bravo told cabinet members that the city maintains a larger burden with the land, including "extensive staff time," code enforcement, permitting, utilities and other responsibilities.
"As the property owner, we incur all those expenses," Ms. Bravo said.
In addition, Ms. Bravo said, "modifying the rents to the city would probably necessitate a new [request for proposals] process and a new public referendum."
Attorney Mr. Cowan said that in comparing deed waivers between Miami and the state since the 1940s, a 15% state cut is quite generous.
"The 15% that the state is getting is twice as much as it has ever been given before by the City of Miami," Mr. Cowan said. "So while it may not sound great on its face, in reality it's more than fair."
Mr. Cowan added that the developer has put $53 million into the project to date and that changing the payment structure "would be really tremendously unfair and unfortunate."
"This is a public-private partnership," Mr. Cowan told cabinet members. "This developer has discussed this with lenders and investors and this has had a high degree of visibility for the last 10 years… Everybody's watching. Can the City of Miami, the State of Florida make this mega-yacht, waterfront marina come to life?"

What's the rush on this ? :nuts:

Florida Cabinet OKs Watson Island mega-yacht marina complex

By Jacquelyn Weiner
A state waiver allowing for development of a mega-yacht facility on Watson Island has won approval from the Florida Cabinet.
Now, the long-planned project goes to Miami city commissioners for final approval.
If OK'd, Flagstone Development Group hopes to break ground on its Island Gardens project in the first half of 2012, Flagstone's attorney Kevin Cowan has said. Mr. Cowan has called the commission vote "simply an administrative approval," whereas city officials have said they could still choose to block the project.
Flagstone's Island Gardens, the luxury hotel, retail and mega-yacht marina complex planned for the city-owned Watson Island site, was approved by voters in 2001.
Miami commissioners gave Flagstone a 75-year lease the same year and a major use special permit for the project in 2004.
Since then, the project has yet to break ground and Miami has granted Flagstone several extensions.
Miami commissioners gave Flagstone what they called a last chance in September, agreeing to new terms and a revised construction timeline.
Yet before the project can break ground, a waiver had to be secured from the Florida Cabinet because Island Gardens is planned on land given to Miami by the state in 1949 for public use. Any commercial development on the land requires state approval.
A previous waiver was approved in 2004, but a new OK was needed because the development agreement has changed significantly since then.
After further delays, including the item's withdrawal from an April cabinet agenda, Florida Gov. Rick Scott and the Florida Cabinet unanimously approved the amended deed restriction Aug. 16, though not without question.
Cabinet members asked multiple times whether the payment plan, with 85% of rent going to the city and 15% to the state, was fair to the state.
Miami Assistant City Manager Alice Bravo told cabinet members that the city maintains a larger burden with the land, including "extensive staff time," code enforcement, permitting, utilities and other responsibilities.
"As the property owner, we incur all those expenses," Ms. Bravo said.
In addition, Ms. Bravo said, "modifying the rents to the city would probably necessitate a new [request for proposals] process and a new public referendum."
Attorney Mr. Cowan said that in comparing deed waivers between Miami and the state since the 1940s, a 15% state cut is quite generous.
"The 15% that the state is getting is twice as much as it has ever been given before by the City of Miami," Mr. Cowan said. "So while it may not sound great on its face, in reality it's more than fair."
Mr. Cowan added that the developer has put $53 million into the project to date and that changing the payment structure "would be really tremendously unfair and unfortunate."
"This is a public-private partnership," Mr. Cowan told cabinet members. "This developer has discussed this with lenders and investors and this has had a high degree of visibility for the last 10 years… Everybody's watching. Can the City of Miami, the State of Florida make this mega-yacht, waterfront marina come to life?"


Miami is making more money than ever.

could you imagine a super yacht coming here

http://www.youtube.com/watch?v=GrkoLODxF6o&hd=1

What's the rush on this ? :nuts:
No kidding...I can't even remember buying fish on that site anymore.

FLAGSTONE AGAIN: After winning approval from the state cabinet, Flagstone Property Group's long-planned Island Gardens mixed-use mega-yacht marina project is back for final city commission approval. Miami commissioners are to vote today (9/15) on authorizing City Manager Johnny Martinez to execute a deed modification allowing for the development on city-owned Watson Island