November 18, 2008

Update: Groundbreaking of Island Gardens

Miami Fractional Will Have Super-yacht Harbor, Residences, Hotels & Shops

Hi, Maria Lopez here from Condo Hotel Center. A couple of weeks ago I told you about the exciting Island Gardens project in Miami, Florida.

This is to be a $640-million mixed-use waterfront destination that will comprise luxury fractional residences, shops, hotels, world-class dining and a mega-yacht harbor.

I thought I’d give you a quick update since the first major milestone has just occurred.

Hundreds Attend the Groundbreaking
The groundbreaking for Island Gardens was just held during the Urban Land Institute’s meeting at the Miami Beach Convention Center. Mayor of Miami Manny Diaz attended the event with hundreds of people from ULI, including Richard Rosan, president, Urban Land Institute Worldwide.

Miami dignitaries along with several hundred local citizens attended the groundbreaking for Island Gardens.

"Island Gardens shows how responsible land use, careful planning and a committed developer can create a mixed-use community that aims for long-term sustainability," Rosan said.

Mayor Diaz said Island Gardens will be a significant project for Miami. “Upon its completion in fall 2011, Island Gardens will become a unique destination in Miami and an incredible asset for the city,” the mayor said.

Miami Mayor Manny Diaz (right) called Island Gardens the city's most significant construction project. He is pictured above with Mehmet Bayraktar, president of Flagstone Property Group, the developer of Island Gardens. 

Island Gardens, Seven Years in the Planning
Island Gardens will rise on 24-acres (10.7-acre upland and 13.3-acre submerged) of undeveloped land on the waterfront of Watson Island. This is a city-owned property perfectly positioned between downtown Miami and South Beach.

Flagstone Property Group will own and develop Island Gardens in a joint venture with ING Clarion Partners, LLC, a leading real estate advisory firm. The two partners plan to invest $640 million in the project.

Island Gardens will be a $640 million mixed-use project located between South Beach and downtown Miami.

“After seven years of planning and working with the city of Miami, it is both rewarding and exciting to see construction start at Island Gardens,” said Mehmet Bayraktar, Chairman and Chief Executive of Flagstone Property Group. “We are honored to contribute such a unique and important addition to the city of Miami’s skyline. We take great pride in our work and will deliver a world-class destination of which all of Miami will be proud.”

A self-contained community, Island Gardens will have luxurious hotels, a super-yacht
harbor, upscale shops, fine dining restaurants and quality entertainment.

Shangri-La Hotel and CHI The Spa
One of the hotels in Island Gardens will be the Shangri–La Hotel and CHI The Spa, a five-star-plus, 44-story tower overlooking Biscayne Bay. It will consist of 150 guest rooms and 98 residences that will make up a private residence club called The Residences Island Gardens.

Those residences, which will be managed by Shangri-La Hotel and Resort, are being offered as 1/8th fractional ownership interests that entitle owners to 45 days of use each year under a very flexible usage program. There’s also an optional rental program for any unused time.

Designed by London-based architect Eric Kuhne, the Shangri-La Hotel and CHI The Spa will be shaped like an abstract lighthouse. They’ll offer unobstructed views of beautiful Biscayne Bay.

Amazing Amenities
The Residences Island Gardens Miami will be a five-star property but with aspirations of creating a six-star experience. Owners will have access to some incredible amenities and services at the hotel and throughout the Island Gardens community including:

By 2011 the once sleepy Watson Island will be a multi-faceted, world-class destination.

Fractional Ownership Includes Use of Yachts
I told you that Island Gardens was going to be a unique development. Well, here’s a perk you don’t often see.

Fractional ownership in The Residences Island Gardens Miami will entitle you not only to usage of your residence but also to two to five days of use per year of a luxury yacht docked just a few steps outside your door.

Owners of The Residences will have use of a yacht. The brown yacht in the foreground is one of the yachts in the fleet.

The super-yacht harbor at Island Gardens will be the only location in North America designed for mega-yachts and giga-yachts in excess of 400 feet in length. It will offer 50 leased slips as well as 8-10 yachts for owners in the private residence club.

Each of the owners’ yachts will be 65 feet. They will have three staterooms, three bathrooms, a spacious galley and a fully-certified captain and crew. The only fee residence owners will have to pay is to cover food and fuel for their outings.

Designer Residences From $215,000
The 98 homes that are part of The Residences Island Gardens Miami will offer panoramic views of the city skyline, South Beach and the Atlantic Ocean.

Floor plans include one- to four-bedroom residences, ranging in size from 998 to over 5,000 square feet, fully furnished and featuring spacious private balconies. Prices for the 1/8 fractionals range from $215,000 to $685,000.

The 1/8 fractionals entitle the owner to at least 45 days of residence use per year.

A 7% discount is available to those who wish to buy multiple fractions, which begin at $1,599,000 (including the discount). A spectacular 4,333 square foot penthouse unit available as multiple fractional ownership costs $10 million.

Request a Detailed Data Sheet
The Residences Island Gardens Miami is such a unique offering that there’s much more to this story than I can tell here. If you'd like to learn more and haven't already received our comprehensive data sheet, I encourage you to request it. It includes prices, ownership plans, architectural renderings, background on the developer and architect, and more.

To receive it, you’ll simply need to provide your name and contact information in accordance with the developer’s requirements.

Request the data sheet for The Residences Island Gardens Miami here.

Feel the Excitement
Now that ground has been broken for Island Gardens, it’s clear this project is coming to fruition after many years of planning. It will be a world-class destination that brings prestige and glamour to South Florida.

If you’ve dreamed of having a luxurious second home in exciting Miami, Florida and cruising the ocean in a private yacht (dream big, why not!), The Residences Island Gardens Miami is for you.

Thank you for your interest in the properties we showcase here at Condo Hotel Center. As we’re always adding new inventory, I encourage you to keep an eye on our New Listings. And feel free to pass along this newsletter to friends, or they can subscribe to our Property Alerts themselves.

Have a great day.

Maria Lopez

Sales Associate
Condo Hotel Center
A Division of Sheldon Greene & Associates, Inc.
Licensed Real Estate Brokers
13499 Biscayne Boulevard, Suite 210
North Miami, FL 33181
Phone: (305) 944-3090
Maria@CondoHotelCenter.com
www.CondoHotelCenter.com
www.CondoHotelSecondHomes.com

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www.CentralAmericaSecondHomes.com
www.DominicanRepublicVacationHomes.com

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© Copyright 2008 Condo Hotel Center

* All rights reserved. No portion of this Property Alert may be reproduced, exhibited or distributed without the express written permission of Condo Hotel Center. Although Condo Hotel Center believes the information contained in this Property Alert to be accurate and complete, Condo Hotel Center can make no such guarantee.

Note: THIS ADVERTISING IS BEING USED FOR THE PURPOSE OF SOLICITING SALES OF FRACTIONAL OWNERSHIP INTERESTS. The information provided herein does not constitute an offer or solicitation of any kind by the Developer or Condo Hotel Center, nor is it intended to be distributed in or constitute an offer to sell timeshare interests in any state or country in which the Developer is required to register the timeshare plan, but has not yet done so. All pictures, floor plans, and site plans are copyrighted materials of the Developer. The Property Alert write-up is copyrighted material of Condo Hotel Center. Any unauthorized reproduction of any of the information provided herein without the prior written permission of the Developer and Condo Hotel Center may be subject to civil penalty as per copyright infringement laws. Neither the information and materials described in this Property Alert, nor any communication made or given in connection with any of the foregoing, may be deemed to constitute any representation or warranty on behalf of Developer or Condo Hotel Center or may otherwise be relied upon by any person or entity for any reason whatsoever. ©2008 FIG Luxury Living LLC. Island Gardens® All Rights Reserved. ©2008 Condo Hotel Center, All Rights Reserved.