Florida megayacht complex moves closer to reality

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A waiver allowing for the development of a megayacht facility on Watson Island in South Florida won approval from the Florida Cabinet. Now the long-planned project goes to Miami city commissioners for final approval.

If the facility is approved, the Flagstone Development Group hopes to break ground on its Island Gardens project in the first half of 2012, Miami Today reported.

Flagstone's Island Gardens, a luxury hotel, retail and megayacht marina complex planned for the city-owned Watson Island site, was approved by voters in 2001. Miami commissioners gave Flagstone a 75-year lease the same year and a major-use special permit for the project in 2004.

The project has yet to break ground. Miami has granted Flagstone several extensions.

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