The Real Deal Miami

Behind on rent, Watson Island developer thinks big

October 08, 2009 11:19AM

Mehmet Bayraktar, chairman and CEO of Flagstone Property Group, is still in arrears on rent in Miami for Watson Island, where he hopes to develop a luxury marina, hotel and retail complex, but said the project will move forward when financing becomes more accessible. Bayraktar said the problems rest not with his plans, but with the wider system. Flagstone lost a key development partner this year when ING Clarion Partners withdrew from the project.