‘Island Gardens’, Watson Island Miami Beach

Construction is finally underway on the much anticipated $640 million Island Gardens on Watson Island. The project, seven years in the making, is a mixed-use resort with a super-yacht harbor for vessels over 400 feet long, a luxury hotel, 98 fractional residences, spa, high-end retail shops, dining, waterfront promenade, fish market, leisure gardens and maritime gallery. The joint venture between Flagstone Property Group and ING Clarion Partners is slated for completion in 2010.

Earlier this year developers asked for an extension on their agreement to build the project on city land they have been sitting on since 2001. The city agreed on one condition: pay a monthly rent of $60,000 for the next year and $83,300 for six months beyond that, totaling $1.2 million.