Claim: Island Gardens Was Negotiating To Flip Project For $185M

Island Gardens leaseholder Flagstone claims to have had a written offer to sell a majority stake in the project.

According to a lawsuit filed by Flagstone, an equity buyer had submitted a written offer to purchase a 95% stake in the project for $185 million, with $65 million to be paid within 45 days of the deal being signed. Flagstone claims to have “lost” the buyer after Miami’s commission voted last month to find Flagstone in default.

Even as they were negotiating a sale, Flagstone claims to have commenced construction on a retail and parking structure, which was being “self funded.” There is little evidence at the project site to support that claim, however.

Flagstone is now suing the City of Miami demanding $122 million in compensation – the amount they say they have spent on pre-development and other costs for Island Gardens since being awarded the rights to the land around 15 years ago.

 

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Anonymous
3 years ago

Good riddance. Get the f outa here

Anonymous
3 years ago

this wannabe developer and moishe mana need to be shown the door….lots of excuses and zero benefit to community

Anonymous
3 years ago

Losers!

Samuel
3 years ago

They are getting real desperate. Also in their claim:

They signed the deal with a billionaire unicorn from outterspace.

Anonymous
3 years ago

Shocker, who could have not seen this coming?

William
3 years ago

They are not a good community citizen in any way. They have had multiple good will time extensions and yet they file a law suit? They obviously never got funding for the project. Pack your bags and leave! Good Riddance!

mondocondo
3 years ago

Kind of funny they couldn’t afford to pay the rent with that much profit on the line. Probably b.s. Cheers

Future park site
3 years ago

15-16 years of broken promises. City Commissioners vote 5-0 to terminate the contract. The site would make a great park.

Anonymous
3 years ago

Yep, build a safe protected bike route and you’ve got Miami and South Beach residents/visitors to activate!

Anonymous
3 years ago

With solid plans in place, hopefully we get a buyer committed to build. But then again, we were told Flagstone was going to start construction like 100 times…

Anonymous
3 years ago

Am I the only one that hopes this project still gets built?

Anonymous
3 years ago

Yes. The ONLY one, including the developer.

Anonymous
3 years ago

briiliant!!!!!!!!!

Anonymous
3 years ago

I bet you are the Developer.

Anonymous
3 years ago

Of course not. Mehmet is nothing like Moishe Mana. Most people posting here probably don’t remember what this land looked like 15 years ago, but it is much improved. The Island Gardens people sank tens of millions of dollars remediating the Johnson’s Sea Grass, dredging the marina, and building a state of the art marina.
It would have been great if they would have put it together better, no doubt, but the guy is far from a villain or a scumbag.

Anonymous
3 years ago

That land needs to be given back to a real developer as it is prime location and not something that should take 15 years testing markets.

mondocondo
3 years ago

Phony $185MM counter-suit and not paying rent to the City for years gets pretty close. He’s no boy scout either. Cheers

Anonymous
3 years ago

No. I brought that buyer to the table and he is still interested, but, Flagstone is very tough to deal with. Unrealistic and not playing fair. This buyer has the funding and the desire to build this iconic hotel and condo property to mirror the Burj Al Arab Jumeirah hotel in Dubai. It would be the biggest and best hotel in the United States, with the finest Marina on the East Coast of the United States. We have the player and the money. It is a shame that Mehmet will not let this happen.