One of Miami’s long-standing controversies just took another interesting term. A proposed complex of a megayacht marina, resort, shops, restaurants and public spaces on Watson Island, has been delayed many times since the ideas initial inception. Stephen Herbits and Sharon Wynne, residents of the Venetian Islands, have decided to bring a suit against the project for an illegal re-approval. They argue that the city’s recent re-approval of the project breaks a city charter that prohibits leasing public property at less than full market value.
In 2001 the city commission approved a deal that set the annual rent at $2 million. Since this time the rent payment has not changed even though the current market value of the site is an estimated $7 million annually. The project, developed by Flagstone Properties, is proposed to be built on underutilized land, however many locals object. Residents of the area were promised an integrated development, meaning that all parts of the project would be completed simultaneously. This looks more and more unlikely as only the marina construction has definite plans. Similarly, Flagstone has yet to pay the full $2 million in any year they’ve controlled the property, contrary to language in the initial ballot sent to voters.
If the project is completed according to plan it will be interesting to see what kind of added value the location brings to the Miami area. However, it seems as though this won’t be the last time we hear about conflict regarding Flagstone’s megayacht marina proposal.