City administrators have finally approved the Island Gardens development on Watson Island after many delays in the proposal.
Flagstone Property Group, the developers for the project, need the state to sign off on the plan for Island Gardens, which includes a retail center, a mega-yacht marina, and two hotels on the city-owned island.
Flagstone plans on paying $2 million per year for rent after the project is finished, along with a percentage of the hotel and retail profits. However, some opposing parties believe the city is leasing the land at a fraction of what the property is actually worth.
The company's latest lease extension forces construction on Island Gardens to start June 2. Brian May, a lobbyist representing the developers, said the marina's construction would already be started by the deadline in June.
Some city commissioners say they might move past the Island Gardens development if they miss the deadline, and will proceed to take new proposals for their property.
Source: therealdeal.com
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