from GlobeStFL (11/3):
Last updated: November 3, 2008 07:35am
$640M Project Breaks Ground in Tough Times
By Crystal Proenza
"MIAMI-Seven years ago Mehmet Bayraktar, chairman and CEO of Flagstone Property Group, was invited to Watson Island by the City of Miami, which was looking to plan a marina on the site that sits just off the MacArthur Causeway between Downtown and Miami Beach. Last week, Bayraktar celebrated an event he has been waiting for since 2001: the groundbreaking of Island Gardens, a $640 million mixed-use yachting resort on the island.
Island Gardens, to be developed and owned by Flagstone, will be built on a 24-acre site owned by the city adjacent to the Miami Children’s Museum. The development is set to feature two towers and 221,000 sf of retail space. The first tower will house a 150-room Shangri-La Hotel and 98 luxury fractional residences to be managed by Shangri-La Hotels." ...
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