Miami Commissioners Vote Flagstone In Default Of Contract

Island Gardens Site

Island Gardens Site

On May 30th, 2017, Miami Commissioners, after a four hour meeting voted developer Flagstone Property Group in default of contract by a vote of 5-0. 

Back in 2001, voters approved of a $1 billion mega complex on Watson Island called Island Gardens that would have a residential tower, two hotels and retail. Included in the agreement was that Flagstone would pay the City of Miami rent of $2 million a year.

Sixteen years have gone by and two construction booms in the City of Miami, the only work that has been done was the construction of a deep harbor marina for super yachts that was completed January 2016. A restaurant called Deck at Island Gardens opened in 2015, but was supposedly operating under illegal permitting.  

Flagstone Property Group had a deadline of May 1 to start construction on a parking garage and retail center of Island Gardens, but necessary permits were not filed in time leading to the special commissoners hearing on May 30th.

By voting in default of contract, the City of Miami will assume all control of the Island Gardens site and Flagstone Property Group will most likely file a lawsuit over breach of contract.