At Island Gardens, A $1.2 Million Tent Is Under Construction For Super Bowl Week (But The Developer Now Has Until 2037 To Finish The Project)

Construction is underway on a tent structure at Island Gardens for Super Bowl week.

The tent has an estimated cost of $1.2 million to erect, according to a construction permit filed with Miami’s Building Department last month.

A Turkish company called Flagstone controls the taxpayer-owned Watson Island land, which is some of the most valuable waterfront property in Miami. The company is paying well below market rate for the property, after a series of bad decisions by Miami politicians. Mehmet Bayraktar controls Flagstone.

Flagstone was awarded a lease to the property in 2001 at lease rates that are now well below value, but never broke ground on a hotel and retail complex that they promised to build.

Miami commissioners then voted in 2017 against the recommendation of attorneys to evict Flagstone by claiming they were in default, since they didn’t break ground. That decision proved costly, with the city forced to agree to a settlement after a court decision in favor of Flagstone.

As part of the settlement agreement, Flagstone was awarded a $20 million settlement. That includes a $10 million reduction in rent, and $10 million in cash split between attorneys and Flagstone.

The settlement also gives Flagstone until 2037 to complete the project, according to court records.

Flagstone can wait until 2035 to sign hotels if they elect to use an extension option. They must complete a retail and parking structure by 2026, however.

 

From the settlement agreement: