Flagstone Island Gardens developer sues Miami - Trade Only Today

Flagstone Island Gardens developer sues Miami

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The developer of the Flagstone Island Gardens project on Watson Island has filed a lawsuit against the city of Miami, according to the South Florida Business Journal, seeking $122 million in damages because the city threatened to cancel its lease.

The move followed a vote by city commissioners, who agreed that Mehmet Bayraktar’s Flagstone has violated portions of a master agreement overseeing the phased construction and operation of a complex that voters approved in 2001, according to the Miami Herald.

The property, which is home to the luxury superyacht portion of the Yachts Miami Beach show, was slated to be a $1 billion luxury destination on Miami’s Watson Island that is designed to pamper the wealthy with two luxury hotels, a residential high-rise, upscale restaurants, high-end shops, water taxi service and a superyacht marina.

In 2016 Flagstone completed the Island Gardens Deep Harbour megayacht marina with 5,000 linear feet of boat slips, the Business Journal said.

Island Gardens Deep Harbour is where the superyacht portion of the Yachts Miami Beach show is held.

Flagstone is now asking Miami officials to allow it to continue to make related payments to the state to keep the project viable. It’s also asking city officials to approve a modified project design and an extension on a permit allowing for the ongoing use of its marina, according to the Herald.

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