Massive Watson Island development moves forward

Nearly 13 years after being initially approved by the City of Miami, the $640 million Island Gardens mixed-use project on Watson Island is a few months from getting underway.

Flagstone Property Group’s long-discussed development is on track for a summer groundbreaking, Miami Today reported. The company gained momentum for the project last month by luring the Yacht & Brokerage Show to set up a location there. Once the development is finished, its Deep Harbour marina would host the annual show’s “Superyacht Miami” event, with mega-yachts exceeding 150 feet in length on display.

Island Gardens plans include a five-star hotel, four-star lifestyle hotel, fractional ownership residences and retail and restaurant space on 6.5 acres owned by the city.

Flagstone consultant Brian May told Miami Today the project’s financing is “coming together nicely.” [Miami Today] — Eric Kalis