Miami city officials and Florida state officials approved changes to a deed that will let Flagstone Property Group create a megayacht marina on Watson Island, according to a story in the Miami Herald.
To abide by the deed, Island Gardens must break ground on the $640 million hotel and marina project by June 2. The project also includes two hotels and a retail center. It is expected to be complete by the end of 2017.
The city first approved plans for the project in 2001, but economic conditions stalled its construction. If successful, it is expected to generate more than $12 million a year to Miami in taxes, rent and fees.
The city owns Watson Island and is leasing a portion to Flagstone, which has been paying $2 million a year rent, according to a story in Miami Today.