Miami wants Related to finish Watson Island job

The city commission voted last week to extend a lease so that Related Group and Related Cos. can join as co-developers.

TRD MIAMI /
Jun.June 20, 2013 10:00 AM

Miami is taking a gamble that Jorge Pérez and Stephen Ross can step in and finish a mega-yacht complex on Watson Island that has stalled for 12 years, the Miami Herald reported.

Last week Miami’s city commission voted to give the project’s current developer, Flagstone Island Gardens, a lease extension that grants additional time to start building. The commission expects that in this time, Pérez’s Related Group and Ross’s New York-based Related Companies will become co-developers on the project, which they say will cost more than $1 billion, the Herald said.

Related’s pitch to jump into the project, for which Flagstone won a bid in 2001, includes more than doubling planned retail space from 220,000 square feet to 500,000 square feet; adding an additional 100 hotel beds from 605 to 705; and adding 100,000 square feet of new convention center space to the tiny man-made island in Biscayne Bay, according to the newspaper.

Only one commissioner – Frank Carollo – cast a vote against extending Flagstone’s lease, arguing the project be rebid and put to a public referendum again. [Miami Herald]Emily Schmall


Related Articles

arrow_forward_ios
Joia Beach

The Weekly Dish: Joia Beach to open at Jungle Island & more

(Credit: Redwood Media Group)

Developers and brokerages are getting creative for Art Basel

Jorge Pérez and Jon Paul Pérez (Credit: Wikipedia)

Miami’s condo king will hand crown to son next year

Rendering of the project and Jorge Perez

Jorge Pérez unveils plan to develop luxury condo tower on Miami Beach’s Terminal Island

Jorge Perez and One Ocean

One Ocean’s condo association sues Related alleging shoddy construction

Jorge Pérez and his Miami Beach condo (Credit: Douglas Elliman)

“My expectations were way too high”: Related CEO Jorge Pérez slashes price on his condo

Rendering of Island Gardens with developer Mehmet Bayraktar

Will Flagstone Island Gardens continue its legal winning streak against the city of Miami?

Miami’s condo king now wants to build apartments in this Opportunity Zone

Miami’s condo king now wants to build apartments in this Opportunity Zone

arrow_forward_ios
Loading...