Long awaited Island Gardens project attracts potential investors

It is beginning to look as if the long-stalled development of Island Gardens on Miami’s Watson Island could see progression, as Jorge Perez and Stephen Ross are said to be interested in joining Mehmet Bayraktar of Flagstone Property Group on the project.

This would not be the first time that the pair have partnered up for a project, with Perez and Ross already having worked together on CityPlace in West Palm Beach and having bought land together that has been developed by Miami-based The Related Group, of which Perez is  chairman.

A joint statement has been released by Related Companies and The Related Group regarding the possible investment. The statement read: "Related Companies and The Related Group have jointly been engaged in conversations with Flagstone Property Group about potentially partnering on the redevelopment of Watson Island. We view the project as a great opportunity to create thousands of jobs and significant tax revenue, a vibrant retail collection and spectacular hotels for the area."

Speaking to The Miami Herald, Bayraktar said that the project would require around $800 to develop and as a result the statement suggests that the project would require additional investment partners before the development wheels were set in motion; however, with the new partnership involved, the project has certainly taken a step in the right direction.

The site has already been approved for a range of purposes, such as residences, hotels, retail and a mega-yacht marina, but Bayraktar has thus far struggled to get the development off the ground. It remains to be seen whether the original plans for a two-hotel project will come to fruition, which is thought to be the most likely outcome for the site.