Hints that Island Gardens on Watson Island in Miami may be moving closer to getting construction financing. Still no guarantees.

The project will include two towers, one of which is a 44-storey Shangri La hotel, plus a marina.

Miami mega-yacht project may get investor

Architect: Eric Kuhne

Island Gardens Developer Mehmet Bayraktar, who won the right to develop on the waterfront crown jewel back in 2001, said Monday that the company run by Miami Dolphins owner Stephen Ross has signed a Letter of Intent to “co-develop” the entire project.

“They will come in and we will work together jointly on the whole project. We’re co-developers or co-investors,” Bayraktar said Monday.

He described a Letter of Intent as a non-binding agreement in which both sides agree to do due diligence and spend time and money studying the plans. “It’s like an engagement, or a promissory note,” he said.

According to Bayraktar, Related would be involved in three main components of the proposal: a hotel and residential complex, retail and a giant mega-yacht facility meant to lure some of the wealthiest people in the world. He estimated the project he won with a $281 million bid in 2001would likely balloon to a cost of about $800 million today. If Related absorbs 50 percent of the deal, it could put Ross’ investment close to $400 million.

“We’re planning to start building this fall,” said Bayraktar, who said he’s known Ross for many years.

“We expect to be open by 2016,” said Bayraktar.

http://www.miamiherald.com/2013/02/11/3229277/related-could-give-jolt-to-long.html