The Real Deal Miami

Watson Island developer gets lease extension

June 19, 2008 01:11PM

Flagstone Properties, the developer a $600
million mixed-use project to include a hotel, retail space and luxury
marina on Watson Island, will pay $1 million to the City of Miami to
keep its options open. Miami commissioners gave the company an
extension on the project, called Island Gardens, but voted to impose a fee for the 18-month
extension. The developer will pay $50,000 per month for 12 months and
$83,300 per month for the remaining six months. City commissioner Marc
Sarnoff said that in the private sector Flagstone would have incurred a
1 percent penalty for falling behind its construction plans again.