Island Gardens Developer Signs Utilities Deal For Mixed-Use Project

Flagstone Island Gardens LLC signed a deal last week that could bring utilities for a mall, along with residential and hotel units on Watson Island.

The agreement calls for the following to be built:

  • 150 residential units
  • 455 hotel rooms
  • 221,000 square feet of retail space
  • 136,140 square feet of restaurant space
  • 10,340 square feet of cocktail lounge
  • 13,8000 square feet of banquet hall
  • 50 marina slips

Flagstone will pay a connection charge that is estimated to be $1.67 million. Attorney-in-fact Nathalie Goulet signed on behalf of the developer.

In May, Flagstone transferred development rights over to a separate entity which is developing the marina named Island Gardens Deep Harbour, LLC. That entity then obtained a $22.67 million loan from DHB Bank of the Netherlands, and commenced construction on the marina.

Island Gardens Deep Harbour filed a separate notice late last month that it was installing a medium moor mooring system and a large vessel fender and mooring system. The notice was signed by chairman Mehmet Bayraktar.

The new marina will be a venue for The Yacht and Brokerage Show In February 2016.