The Real Deal Miami

Flagstone seeks to stretch Watson Island deal

February 08, 2010 04:38PM

The latest turn in the long-running development saga on city-owned
Watson Island would grant aspiring Island Gardens developer Mehmet Bayraktar and his Flagstone Property Group
another three years to start building its hotel and luxury marina
complex in exchange for $1.5 million to secure the rights. Flagstone
has proposed that the payment eventually get credited as construction
rent once the project gets underway, a move that irked Miami City
Commissioner Frank Carollo. According to Carollo, that essentially gives the
developer a free three-year extension on a project that so far has
failed to get off the ground. Flagstone would pay $1 million in annual
construction rent under its proposed arrangement. [Miami Today]