Watson Island Project

[renner01]

Watson Island project awaits permits, financing
By Yeleny Suarez
Development of a planned resort on Watson Island is awaiting marina permits, financing and hotel operators.
"The lease agreement between the City of Miami and developers states all the conditions precedent must be completed by Jan 1, 2007," said Laura Billberry, assistant director of the City of Miami's economic development department.
In addition to the need for pending permits, two homeowners on Venetian Island have filed suit challenging the city's approval of a major use special permit. "Therefore, the timeframe for actually executing the lease is uncertain," Ms. Billberry said.
"We are aware of the lawsuit, and believe it is without merit and will defend it in court. Other than timing issues, we do not believe that the project will be affected in any way," said Flagstone Property Group project director Joseph L. Herndon.
Flagstone's proposed project includes two luxury high-rise hotels, 50 marina slips and more than 230,000 square feet of retail and restaurant space.
On June 24 a state trust that overseas public lands and is comprised of Gov. Jeb Bush, Attorney General Charlie Crist, Chief Financial Officer Tom Gallagher and Agriculture Commissioner Charles Bronson gave the city a deed waiver for use of the land. The waiver was needed to allow development on the island, which was deeded to the city in 1949 for public use.
"While some items such as obtaining marina permits and the waiver of deed restriction have not occurred within the timeframe initially anticipated, these delays are not affecting the outside date for executing the ground lease," Ms. Billberry said.
Mr. Herndon seems to agree.
"The project planned for Watson Island will be built just as all of the governmental agencies approved it and by a majority of voters," he said. "There are no obstacles that will prevent the development of this project. We have most of the major permitting behind us. Any open matters are routine for a development of this size."
According to Ms. Billberry, developer Flagstone Property Group and the City of Miami have diligently met their obligations but negotiation of some items and getting approvals such as marina permits from Department of Environmental Resource Management, the South Florida Water Management District and the Army Corps of Engineers are taking longer than anticipated.
These permits, however, don't have a deadline within the lease agreement so no deadlines have been missed.
"We have secured the waiver of deed restriction and marina permit from the South Florida Water Management District. We are still trying to get the marina permits from DERM and the Corps," Ms. Billberry said.
Securing development approvals including the marina permits and the major use special permit, she said, will pave the way for subsequent steps that include completing the financing package and securing hotel operators.
Mr. Herndon says construction will take about two years once all permits are obtained.
http://www.miamitodaynews.com/news/040916/story6.shtml

[renner01]

Island Gardens

Island Gardens is the latest project to join the Watson Island redevelopment initiative. This $400 million waterfront project is being developed as a public-private partnership between the City and Flagstone Properties, LLC. The project was selected through a competitive proposal process that commenced in February of 2001 with the issuance of a request for proposals and concluded in November 2001 with the approval of the voters through a public referendum.


The mixed-use development will combine two luxury hotels, retail, dining, entertainment, cultural facilities and civic art in an intimate village setting facing a 50-slip mega yacht marina in Biscayne Bay. Members of the Flagstone development team include Eric R. Kuhne & Associates, concept architects, Spillis Candela DMJM, architects and engineers, EDSA Landscape Architects & Planners, Eric R. Kuhne & Associates, concept architects, Camper & Nicholsons Marinas, Ltd., SeaSecure LLC, and cultural partners Fairchild Tropical Garden and The Historical Museum of South Florida.

Island Gardens was approved by City Commission on July 8, 2004 and is expected to go in front of Miami-Dade County Commission in September 2004 on the marina aspect of the proposal.

A 100-foot set back along the water’s edge will be maintained as a public promenade to ensure that the dramatic views of downtown Miami, the Port of Miami, and Biscayne Bay are preserved. Throughout the property, landscaping, performance venues, and art installations will add intrigue and excitement for visitors. An added attraction of the project will be the mega yachts themselves - majestic-floating castles. Upon its completion, Island Gardens will become a unique destination, unsurpassed in all of South Florida.
http://www.ci.miami.fl.us/economicde...andGardens.asp

[streetscapeer]

Oh No!....did the project design change!

this is the pic from the link above





but this is the design that I thought was the one to be executed

[Toucano]

Yeah It was Changed a while ago...The old Rendering has been floating around still for a while

[ChuckScraperMiami#1]

Yes STREET, the design had been changed to the one on top, BUT any design, this is going to be Great! THIS will be Built and READY for SuperBowl 2007 Tourists in Both Hotels. MIAMI Wants it and They'll get all the permits to do it. THE STATE has given the City of Miami the wavier for the Project. There's just 2 homeowner lawsuits against it, but the developer thinks he can fight it in court. This will Upgrade Watson Island and the Parrot Jungle.

[brickell]

I'm not a big fan of this project. I think it's too much and it's on public land. This could be a great park, with great views of the city, but all we can think to do with it is build this monstrosity.

[MarkyMark]

Although I really like the building itself...and am all for new development.........I do feel that Miami does not have enough public parks....in fact Miami was ranked one of the lowest cities re. parks sq.ft per capita in the United States. Land such as the Watson Island project should be reserved for something that benefits the general public......or atleast...the funds should be openly used for the public benefit eg. other parks/public facilties. Wouldn't it be great to have a huge park like Central Park in NYC either in Brickell or downtown surrounded by huge tall buildings!!

[renner01]

Greenwich Group, BF Capital To Finance Nearly 2M-SF Project
By Melissa Bogdany
Last updated: Monday, October 18, 2004 06:19am

MIAMI-The developers of Island Gardens, a 1.6-million-sf, mixed-use project proposed for Watson Island, have retained Greenwich Group International LLC and BF Capital Partners LLC, both based in New York, to provide equity, mezzanine and debt financing to develop the more than $450-million project.

The firms are financing 65% of the project cost, or an estimated $294 million, through construction debt. The other 35%, or about $158 million, is to be funded with equity. Flagstone Property Group LLC; its managing partner, Flagstone Development Corp., and its project subsidiary, Flagstone Island Gardens LLC are developing the project. The financing terms are to be negotiated.

Flagstone has committed to contributing equity of at least $22 million to the project capitalization, or nearly 14% of the planned equity. Through Sept. 30, the company already had invested and committed about $12 million of the committed equity capital to fund expenses, a figure expected to grow to $14 million by the end of the year. Flagstone is looking to raise about $136 million in equity from investors for the capitalization.

The waterfront development will consist of a 345-key, four-star business/resort hotel; a 135-key, five-star luxury hotel that also will provide services to the fractional residences above the hotel floors; 105 units of luxury fractional ownership, with seven fractions each unit; 221,000 rentable sf of high-end retail and dining space; a 43-slip deepwater mega-yacht marina; a 30,000-sf, upscale, holistic spa; and a five-level parking garage for more than 1,600 cars. In addition, public spaces and amenities will include gardens, a promenade, an expanded and enhanced fresh fish market, and water taxi service to Downtown and cruise ship terminals.

“In today’s marketplace, this is probably the most unique property in the country,” says Thomas P. Kennedy, managing director of the Greenwich Group International. The project site is on 10.8 acres of uplands and 13.5 acres of submerged land.

“In most real estate projects, location, location, location” are what make them successful, Kennedy says. “It’s a unique opportunity to create a landmark project. You don’t have a lot of opportunities” like that. "It’s on an island between the City of Miami and South Beach, directly across from where the cruise ships come in.”

Currently, the land houses a children’s museum and a bird zoo, which will stay, according to Kennedy. Infrastructure work has begun on the new project, and it has an anticipated completion of September 2007.
http://www.globest.com/news/139_139/miami/127632-1.html

[Jasonhouse]

If it is public land, then surely the city or county is making a boodle on the land sale or lease. Those funds should at least be used to pay for the creation of a park elsewhere.

[renner01]

I am only sad about fishmarket since i wont be able to get my oysters to get my groove on with the ladies

I like it, I'm sure they can build a park somewhere else, Hey any news on how tall te towers are gonna be?

[ChuckScraperMiami#1]

Originally Posted by BHK24

I like it, I'm sure they can build a park somewhere else, Hey any news on how tall te towers are gonna be?

BHK, This could be the Latest news coming up at the CITY Commission Meeting THIS MONTH, THE HOTEL TOWER, the Smallest One could reach 45 Stories, BUT the TALLER ONE, A CONDO-HOTEL TOWER Could REACH 80 STORIES, But this Might Not Be True, BUT we will FIND OUT SOON, After the Meeting. There is NO FAA HEIGHT LIMIT ON WATSON ISLAND !!!, Which could allow these TOWERS to go HIGHER !!!

[nimbyhater]

i doubt they would build an isolated 80 story tower on this island, but still wouldnt that b great

also, wouldnt this have been a great place for a marlins stadium? i mean, u cant beat the view on watson island, and baylink should have a stop rite on the island, its publicly held land, i wonder y that never hapnd, i really dont think that next to the orange bowl was really the best place for that

is wouldnt have been good park land at all. although i agree that miami is in desperate need of more parks, a park on an island that has nothing but a amusment park (parrot jungle), a enclosed indoor childrens museum surrounded by parking lot, and a major highway, worst place for a park ever, although the view is amaxings, going bak to my idea y this would have been a great place for the marlins stadium

miami keeps offering watson island for a spot for the ftaa headquarters, where would it go? isnt pretty much all the land taken up by the children's museum, parrot jungle, the japanese gardens, and this future monster hotel complex

[streetscapeer]

That's what I was thinking...however, Miami Today News points out that all of these projects can fit on the island!!

[ChuckScraperMiami#1]

Originally Posted by streetscapeer

That's what I was thinking...however, Miami Today News points out that all of these projects can fit on the island!!

YES, Its TRUE STREET , and the 53-Story ISLAND GARDENS HOTEL has got the City Permits and Approved to start Building the HOTEL Part. Next is the PROPOSED 80 Story CONDO TOWER to go up next to the Hotel, Thats the HUGE ONE going to the City This Month !

[MIAballinboi]

wow now watson island is getting a skyline of its own loll,

i guess miami and miami beach skylines are gonna merge together, lool

[ChuckScraperMiami#1]

LOL MIAballinboi , Like the CHINA WALL, I guess the WALL of Towers between Both Cities would kind of look that way if BOTH Watson Island Towers Get Built and Maybe more planned in the Future, THE MIAMI WALL, lol.

[DOWNTOWNER]

If I'm not mistaken, the condo tower on Watson Island was to go before the city this month....Anyone have any news on this?

[the_1_and_only_cuban]

Yea whatever happened to the 80- story hotel/condo??

Check out this website:

http://www.ftaa-alca.org/tnc/candidate_e.asp

Click on Miami and then click on:SUBMISSION REGARDING THE ELEMENTS FOR CONSIDERATION IN THE EVALUATION OF
CANDIDATE SITES FOR THE FTAA SECRETARIAT

Its an Aobe Reader Document describing why Miami should get the FTAA but towards the bottom starting on page 61 it shows the Watson Island proposed site and it shows renderings of it next to the proposed Island Gardens. For all the hoopla it really is a small little thing and won't take up that much space..

[The Mad Hatter!!]

ok when do we findout whetther we got the bid for ftaa,and if the 80 story is going up