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Island Gardens scores loan from Dutch bank as Miami super yacht project begins
Flagstone Property Group secured a $22.67 million construction loan from a Dutch bank as it began work on the super yacht marina portion of its Island Gardens project in Miami.
Located on city-leased land on Watson Island between downtown and Miami Beach, the first phase of Island Gardens would have a marina to accommodate 50 yachts, including those up to 550 feet long. The deep harbor portion of the project, with Technomarine Group as the designer and installed of the docks and floating slips, should be completed in December.
Demir-Halk Bank, of Rotterdam, the Netherlands, recently awarded a mortgage to Mehmet Bayraktar’s Island Gardens Deep Harbour, an affiliate of Flagstone Property Group, to partially fund the project.
“Island Gardens Deep Harbour will have a national and international impact on the superyacht market,” Erik Sanderson, chairman and CEO of North Palm Beach-based Technomarine Group said in a statement. “Miami is the perfect location for the first marina designed to cater to this special category and we seek to set a new benchmark for the marina industry worldwide.”
The developer plans to have the marina ready for the 2017-2018 boat show season. It signed a deal with Show Management to hold the Superyacht Miami show there for massive boats.
The next phase of the Island Gardens project would include two luxury hotels, retail and restaurants. The developer hired Cervera Real Estate as the exclusive broker for its hotel condo units. However, it has yet to disclose the prices and sizes of those condos.
Nichols Brosch Wurst Wolfe & Associates is the architect on the project. Coastal Construction is the general contractor.
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Story by: Brian Bandell – Photo Courtesy: Biz Journals
Photo Description: Island Gardens will have 50 boat slips for large yachts.