MIAMI—The Related Group, which only recently announced it had become a partner in the controversial Island Gardens mixed-use project on Watson Island, has reportedly pulled out of the venture.
The locally-based firm headed by Jorge Perez had recently announced it was partnering with Mehmet Bayraktar of Flagstone Property Group in a bid to expand the Island Gardens project. However, it has now decided not to be a partner in the project, according to the South Florida Business Journal. The report did not indicate a reason for Related's exit from the venture.
The current plan being proposed by Flagstone calls for a hotel, 500,000 square feet of retail, and 100,000 square feet of convention space. See story in the South Florida Business Journal.
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