Countdown has Begun for the Massive Watson Island Project
The deadline to begin construction for the colossal project is near and work should begin before the end of the month. Flagstone Property Group must begin on the massive Island Gardens mixed-use development on Watson Island by June 2 – a requirement of the latest lease extension – but that cannot happen until state officials reaffirm their approval of the project.
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. * The Real Deal
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