MIAMI-Flagstone Property Group has reportedly signed a letter of intent to possibly co-develop the long delayed Watson Island waterfront project with Related Companies and sister company The Related Group.
Mehmet Bayraktar, chairman and CEO of Flagstone says that New York City-based Related Companies has signed a letter of intent to “co-develop” the project that has been stalled for years, according to the Miami Herald. Related's chairman and founder is Stephen Ross, the owner of the Miami Dolphins. The Related Group's chairman is Jorge Perez.
Bayraktar says the deal involves both Flagstone and Related to perform due diligence studying the plans. “It's like an engagement, or a promissory note,” he says.
According to Bayraktar, Related would be involved in three main components of the proposal: a hotel and residential complex, retail and a giant mega-yacht facility.
Related in a prepared statement, says, "We are undertaking a very comprehensive due diligence process and have numerous parameters that need to be met in order for the partnership to move forward."
Flagstone won the right to develop the Watson Island project in November 2001.
“We're planning to start building this fall,” Bayraktar says. See story in the Miami Herald.
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