Flagstone Property Group

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.

Foundation Permits Filed At Island Gardens

Future Site of Island Gardens

After starting work on a new seawall and the dredging of Biscayne Bay for Deep Harbour Marina in 2015, Flagstone Property Group has applied for foundation permits for Island Gardens, according to Miami Today. 

The foundation permit will allow for the construction of more permanent structures for Deep Harbour Marina, a fish market and a portion of the retail. 

The Deep Harbour Marina opened earlier this year and can hold 50 super yachts up to 550 feet in length. 

Flagstone Property Group hopes to start work on the main resort in 2017 on the city owned 6.5 acre site.

First Phase Of Island Gardens Opens On Watson Island

After adding the docks and building a new seawall at Island Gardens in November, the first phase of the development, the deep harbor marina, is ready to open. The marina can hold up to 50 super yachts up to 550 feet in length.

The luxury Island Gardens on Watson Island is being developed by Mehmet Bayraktar of Flagstone Property Group and will have two hotels and a residential tower that will cost $1 billion. Construction is slated to begin in the fourth quarter of this year with completion in 2018.

Renderings of Island Gardens and views from Watson Island can be seen here.