In the first update of Flagstone Property Group’s long-discussed Watson Island development since last summer, the company has lured the Yacht & Brokerage Show to set up a location there.
Fort Lauderdale-based Show Management announced the boat show plans to expand to the Island Gardens project once it is completed, South Florida Business Journal reported. Flagstone, led by Mehmet Bayraktar, wants to build a mega-yacht marina, hotel, retail and convention space on the 6.5-acre site, which is owned by the City of Miami. The project’s marina would be able to accommodate as many as 75 mega-yachts of up to 480 feet.
The Jorge Perez-led Related Group pulled out of Island Gardens last summer, citing fears over a protracted approval process.
Flagstone’s plans were approved in 2001, but the development stalled. [South Florida Business Journal] — Eric Kalis