Flagstone Property to Develop Island Gardens, Miami

Watson Island will Undergo a Renaissance Bringing Hotels and Super-Yacht Harbor to Miami

. October 14, 2008

MIAMI, FL, January 3, 2007. Flagstone Property Group is set to begin building Island Gardens, one of the largest waterfront developments in the world to be located on Watson Island.

Surrounded by 360 degree views of Biscayne Bay and the Miami skyline, the $575-million project will integrate a super-yacht harbor, a luxury hotel, a business hotel, fractional residences, high-end retail shops, waterfront dining, a leisure garden and a maritime gallery, all engaging the skyline of Miami and the setting of Biscayne Bay.

Island Gardens will feature two hotel towers; the Shangri-La Hotel and the Westin Hotel, as well as the Living Shangri-La fractional residences set amongst extensive signature gardens in partnership with Fairchild Tropical Botanic Garden. As one of the numerous public amenities that will enrich the Island Gardens experience, a maritime gallery will be created in conjunction with the Historical Museum of Southern Florida.

Island Gardens will boast the only marina in North America that is exclusively designed for mega-yachts. The super-yacht harbor will establish the City of Miami as an international destination on the same caliber as illustrious getaways in the Mediterranean and Caribbean.

"We are excited to bring a project to the city that will draw residents, visitors and guests from all around the world," said Mehmet Bayraktar, Chairman and CEO of Flagstone Property Group. "Super-yacht harbors are proven magnets in attracting crowds, as experienced in St. Tropez, Monte Carlo, and Monaco. Flagstone Property Group aspires to create the excitement surrounding a mega-yacht anchored lifestyle experience at Island Gardens."

A beacon to Miami, Island Gardens is designed to provide an engaging 24- hour experience to the public through its ample public space and variety of indoor and outdoor activities. The development will offer recreation, civic education as well as the unique legacy of Miami's exciting history.

Island Gardens was conceptualized by developer Mehmet Bayraktar and concept architect Eric Kuhne to utilize every aspect of Watson Island and offer Miami residents and visitors an extraordinary public area that will enrich the City of Miami. Piero Lissoni, world-renowned interior designer and co-founder of Studio Lissoni, is designing the interiors of various components of the development. The project architect is Spillis Candela DMJM, one of the oldest and largest professional design firms in the southeastern United States.

Island Gardens' Features:

Super-Yacht Harbor: A magnificent 50-slip harbor exclusively designed for vessels larger than 80 feet that can reach beyond 450 feet in length. The Super-Yacht harbor will provide a spectacular backdrop to Island Gardens and the angled design will ensure unobstructed views from Island Gardens.

Shangri-La Hotel: The 150-room, five-star hotel includes suites and poolside villas and will boast floor-to-ceiling, wall-to-wall windows with dramatic, open views of Miami's skyline and Biscayne Bay. Exceptional amenities and outstanding service will include round-the-clock butler service and a world-renowned health spa.

Westin Hotel: The 350-room upscale business/resort hotel is ideally located for business travelers and leisure visitors. It will offer the opportunity to stay at a waterfront location with resort amenities and spacious, modern meeting and banqueting facilities.

Living Shangri-La: The Shangri-La Hotel will service approximately 100, 2-to-4 bedroom spacious and luxurious fractional residences located on the upper floors of the hotel and featuring stunning interiors designed by Piero Lissoni.

Retail & Dining: A diverse 221,000 square feet of retail and dining space will offer an astounding caliber of international flavors through the fusion of select boutiques and fine dining from renowned chefs from around the world.

CHI Spa: The world-renowned CHI Spa located in the Shangri-La Hotel will feature Chinese and Himalayan healing therapies inspired by the origins of the Shangri-La legend. The 14,500 square foot CHI Spa will offer spacious private treatment suites and will serve hotel guests, fractional residence owners, as well as the general public.

Civic Art & Cultural Alliances:

Internationally renowned Miami-based artists; Jose Bedia, Michele Oka Doner and Maria Martinez-Canas, will create civic art pieces that will restore the story-telling qualities of art and architecture while highlighting Miami's history and diversity. Island Gardens is working together with Fairchild Tropical Botanic Garden and The Historical Museum of Southern Florida to create stunning public spaces that will feature unique landscaped gardens with sculpture areas, fountains, water exhibits, and a landscaped promenade and extensive roof gardens. In addition, a gallery space will showcase legendary artifacts detailing Miami's rich maritime history.

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