The Real Deal Miami

Deadline looms for massive Watson Island project

Construction of $640 million mixed-use development must begin by June 2
May 07, 2014 01:30PM

Watson Island

Watson Island

Flagstone Property Group must start construction on the long-delayed Island Gardens development by June 2, as required by the company’s latest lease extension.

But Flagstone has a hurdle to clear before the $640 million project planned for Miami’s Watson Island can begin. State officials have to sign off on the latest version of the company’s agreement with the City of Miami.

The state gave the island to the city many years ago. Its 2011 approval of modifications to the uses allowed on the land expired in January 2012, according to Miami Today.

City commissioners are expected to address the project’s status during their Thursday meeting.

Island Gardens would include a five-star hotel, four-star lifestyle hotel, fractional ownership residences and retail and restaurant space on the 6.5-acre site. [Miami Today]Eric Kalis