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:

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Anonymous
1 year ago

WITHOUT DOUBT THE BIGGEST ROYAL SCREW JOB PERPETRATED ON THE CITIZENS OF MIAMI DADE COUNTY SINCE THE MARLINS STADIUM DEBACLE !!!!!!!!!!!!!!!!!!!!!! This scumbag has had control of this prime property since 2001 and all he has managed to do is build an exclusive trailer park restaurant with some sticks in the water for the .00001%. And now he’s building another tent ??!!!! Bwaaahahahahahaaa He’s good at building temporary structures !!!! #PrisonForCrookedPoliticians

Anonymous
1 year ago

The Federal Prison or the “signature courthouse” that looks like a prison and won’t last for a fraction as long as the 1920s one?

Anonymous
1 year ago

Great reporting! We need to keep reminding ourselves how incompetent the political leadership can be.

Anonymous
1 year ago

What an absolute joke. Shamefully

Anonymous
1 year ago

We… the Citizens …should take both the commissioners and flagstone to court…what a complete fraud

Anonymous
1 year ago

they did …. and LOST BIGTIME !!!

Anonymous
1 year ago

Who needs to build anything when you get free money from the City?

Anonymous
1 year ago

I predict most of us will not see anything rise in the next 30 years

Anonymous
1 year ago

This should be a “Master Park” and recreation area with minimal car parking and a stop along Baylink. Plus a bike path (separated) along the MacArthur Causeway.

Anonymous
1 year ago

You want a park?.. go to the Virginia Key park and get your “park” on.

Anonymous
1 year ago

You want a shopping center? Go to sawgrass

Anonymous
1 year ago

Why should anyone near this area have to travel that far just to go shopping at Sawgrass? Now, unlike you “PARK” nuts, you already have Maurice Ferre Park, Bayfront Park, Margaret Pace Park, Simpson Park, Alice Wainwright Park, Biscayne Park, Albert Pallock Park, Stearns Park, and the promised new park near Alton Road on Miami Beach just to name a few. All of them with the exception of one gets very little human activity.

Miami has enough “parks.” This city needs something more exciting.

Anonymous
1 year ago

Lol a mall is more exciting?

Anonymous
1 year ago

Tell you what, go to any Mall in MiamiDade county and I bet it’s ten times more crowed and exciting than all the parks put together in the county.

Anonymous
1 year ago

So…. who gets the profit from this tent???..flagstone????what a joke… public property used by a for profit enterprise …and the citizens didn’t sue … flagstone sued the city…how city attorneys botched this up is shameful

Anonymous
1 year ago

This space seems like the perfect place to have a Moshe Safdie designed building (Marina Bay Sands Singapore, Raffles City Chongqing). Would be great addition to city, it could connect to Baylink (if that ever happens), and expand the city. Doubt it would ever happen, but still would be nice.

Anonymous
1 year ago

It would have been a great place for Inter Miami CF’s MLS stadium.

Anonymous
1 year ago

They could’ve at least (for the time being) put that stupid Ferris Wheel there.

Anonymous
1 year ago

Without public transit out there it’d just add to the traffic crunch anyway.

Wonder which Turkish project rises first, this or Okan?

Anonymous
1 year ago

miami at its BEST!!!
I would love to have a list of cases like this that proof the lack of leadership in this town.
if any of you can provide it?!?!

¯\_(ツ)_/¯
1 year ago

F**K Flagstone.

Anonymous
1 year ago

2037? Miami will be well under water by then. LoL

Anonymous
1 year ago

ONLY IN MIAMI LOL WOW