The Real Deal Miami

Watson Island developer obtains $23M loan

Development will include two luxury hotels, retail, marina and residential building

May 19, 2015 05:00PM
By Katherine Kallergis

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Aerial view of Watson Island

Aerial view of Watson Island

Mehmet Bayraktar, the developer behind the planned mixed-use development on Miami’s Watson Island, obtained financing for his $1 billion project.

Bayraktar received a $22.67 million mortgage from Demir-Halk Bank, based in the Netherlands, on May 11, according to Miami-Dade County records.

Island Gardens, designed by Nichols Brosch Wurst Wolfe & Associates, would include two luxury hotels, a residential building, retail and restaurants. Developer Flagstone Property Group recently announced that the marina would open by December of this year, according to a press release.

The Deep Harbour at Island Gardens marina is designed to hold 50 yachts up to 550 feet long. North Palm Beach-based Technomarine Group is building the marina, which will include its own customs and immigration office.

Portions of the contentious mixed-use development would open in 2017 and 2018. Coastal Construction is the contractor, and Cervera Real Estate will be the exclusive sales and marketing firm for the residential portion. When completed, Island Gardens will include landscaped gardens, public art installations and a public promenade.