Venetian Islands locals drag Watson Island marina into court

Miami /
Sep.September 23, 2014 01:30 PM

Venetian Islands residents sued to block a plan to build a mega-yacht marina and resort on public land on Watson Island. They claim the Miami City Commission’s recent approval was illegal.

The residents, Stephen Herbits and Sharon Kirby Wynne, claim the city renegotiated the 13-year-old deal with developer Flagstone Properties on terms that violate the city charter and some key conditions in the ballot language voters approved in 2001, according to the Miami Herald.

Specifically, the city charter requires that public property be leased at full market value, but the modified deal city commissioners approved kept minimum lease payments at $2 million a year, the same amount in the original 2001 deal.

Meanwhile, Herbits uncovered a pair of city commissioned appraisals of the property that put the current market rent for the site at more than $7 million a year. [Miami Herald] – Christopher Cameron


Related Articles

arrow_forward_ios
Prive at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen
Privé at Island Estates developer sues Suffolk Construction over defects
Privé at Island Estates developer sues Suffolk Construction over defects
Pierre Brondeau and Palazzo Del Sol
Pesticide exec pays $14M for Palazzo Del Sol condo
Pesticide exec pays $14M for Palazzo Del Sol condo
Howard Lorber and 1525 North View Drive
Howard Lorber buys waterfront Sunset Islands home for $12M
Howard Lorber buys waterfront Sunset Islands home for $12M
2201 Sunset Drive and David Grutman (Credit: Douglas Elliman)
Hospitality mogul David Grutman lists Sunset Islands home
Hospitality mogul David Grutman lists Sunset Islands home
Jim Cohen, Fontainebleau Development’s president of Residential, and Jeffrey Soffer, with SeaGlass Jupiter
Jeffrey Soffer’s Fontainebleau Development launches sales of Jupiter Island luxury condos
Jeffrey Soffer’s Fontainebleau Development launches sales of Jupiter Island luxury condos
2138 Bay Avenue, Miami Beach (Credit: Google Maps)
Toronto financier pays $14M for Sunset Islands home
Toronto financier pays $14M for Sunset Islands home
Map of priciest condo sales and Palazzo Del Sol (Credit: Google Maps and Douglas Elliman)
$12M Fisher Island closing tops weekly condo sales in Miami-Dade
$12M Fisher Island closing tops weekly condo sales in Miami-Dade
Fisher Island (Credit: Fisher Island)
Nation’s richest ZIP code received a $2M PPP loan. Residents voted to reject it
Nation’s richest ZIP code received a $2M PPP loan. Residents voted to reject it
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...