The Real Deal Miami

No exceptions for Flagstone Property Group on Watson Island rent, Miami commissioner says

October 30, 2009 11:36AM

Miami city commissioner Marc Sarnoff says he will not cut Flagstone Property Group a break on its already overdue August rent for the Watson Island land slated for development. The group has until Nov. 1 to pay its rent before the city can seek legal action. Flagstone’s Watson Island plans call for a luxury hotel and yacht marina, and in exchange for an extension on the deadline for securing financing for the project, CEO Mehmet Bayraktar had agreed to pay $83,000 per month to hold the property. Some city officials have been publicly doubting whether the project will ever materialize, though Bayraktar has dismissed the doubts, saying he has some leads on investors. Meanwhile, Sarnoff has said he would like the city to take legal action if the missing rent payment is not made in time. [Miami Today News]