The Real Deal Miami

Watson Island developer wants more time

December 16, 2009 12:07PM

Developer Mehmet Bayraktar, whose plan for a high-end resort on Watson Island
has run into serious financing trouble, is asking the city for an
extension on a deadline to start building on the city-owned land. In
exchange, Bayraktar offered $500,000 to cover back rent as he tries to secure financing for his Flagstone Island Gardens
complex, which would feature two hotels and a shopping mall next to a
luxury marina. Bayraktar, who has completed numerous shopping centers
in Turkey, did not specify how much time he needs in a recent letter to
city officials, who gave him a February 2010 deadline to start construction or have the development rights to the property opened to other developers. [Miami Herald]