MIAMI-A joint venture of New York City-based ING Clarion LLC and locally based Flagstone Property Group plans to begin construction in summer 2008 on Island Gardens. The $600-million, mixed-use project is rising on Watson Island in Biscayne Bay. The project is slated for completion in 2010.

The project, located on 10.5 acres of previously undeveloped land, will feature a 43-story building with the 150-room Shangri-La Hotel and fractional ownership homes, called the Residences at Island Gardens, atop the hotel. It will also feature a 29-story business hotel/resort and the 50-slip Super-Yacht Harbour; CHI, the Spa at Shangri-La; and 221,000 sf of retail and restaurant space. Watson Island is situated between Downtown Miami and South Beach and is accessible by automobile via MacArthur Causeway (Interstate 395, the extension of Interstate 95 to South Beach.)

Flagstone Property Group chairman and CEO Mehmet Bayraktar tells that marketing efforts for the fractional units have started with prices ranging from $175,000 to $750,000 for a one-eighth interest. Final discussions are under way with the operator of the hotel/resort in the 29-story tower, but the operator has not yet been named. That tower will not include any fractional ownership units.

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