The Real Deal Miami

Island Gardens payments late

July 30, 2009 03:28PM

A resort, marina and shopping center project on Miami’s Watson Island is missing payments on the city-owned site. Island Gardens missed its June and July rent payments totaling $100,000 for the city-owned site, and faces a $236,000 claim for a broken lease at its former sales center off Miami Beach’s Lincoln Road. Turkish developer Mehmet Bayraktar can’t find a lender for the $640 million development. He has until February to start construction.