(Crystal Proenza is associate editor of Real EstateFlorida.)
MIAMI-Seven years ago Mehmet Bayraktar, chairman and CEO ofFlagstone Property Group, was invited to Watson Island by the Cityof Miami, which was looking to plan a marina on the site that sitsjust off the MacArthur Causeway between Downtown and Miami Beach.Last week, Bayraktar celebrated an event he has been waiting forsince 2001: the groundbreaking of Island Gardens, a $640 millionmixed-use yachting resort on the island.
Island Gardens, to be developed and owned by Flagstone, will bebuilt on a 24-acre site owned by the city adjacent to the MiamiChildren's Museum. The development is set to feature two towers and221,000 sf of retail space. The first tower will house a 150-roomShangri-La Hotel and 98 luxury fractional residences to be managedby Shangri-La Hotels.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
