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Week of Septmeber 7, 2006 |
| Work to begin early in '07 on Watson Island's Flagstone project By Deserae del CampoGroundbreaking for the $480 million Flagstone Island Gardens hotel-retail development on Watson Island is due early next year. Chairman and CEO Mehmet Bayraktar said Flagstone Property Group plans to open the project in late 2009 or early 2010. No leases are signed for the 221,000 square feet of retail, he said. "As far as the retailers or restaurants coming to the project, we are talking to many that are interested. But I'm unable to disclose any information at this time. No one has signed leases yet." He said there could be about 50 stores. Island Gardens is to showcase two luxury hotels and a 50-slip marina accommodating yachts up to 450 feet long. Miami commissioners granted Flagstone a 75-year lease in 2001. The Miami Beach developer received its major use special permit in July 2004. Two hotels signed on last year. The Westin Miami at Island Gardens is to feature 350 rooms and the Shangri-La Hotel 147 and about 100 timeshare units of two and four bedrooms and a 20,000-square-foot spa. "The Shangri-La tower is going to have fractional residential units, also known as residents club units, that are fully furnished but not considered condos," Mr. Bayraktar said. "Basically, the unit is going to be offered at a one-seventh-price share," he said. "There can be potentially up to seven owners for each unit, and the owners can schedule the time they want to be there. It will be very flexible. You can decide to stay for the weekend or two weeks at a time under a reservation system." The project is running smoothly, he said. "There have been no hurdles considering the pure size of the development. We don't have just one building but mixed-use projects consisting of six or seven different parts that include retail, dining, a marina and hotel. We have pulled all the major permits for the project." |
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