MIAMI — Miami Beach, Fla.-based Flagstone Property Group and institutional equity partner ING Clarion Partners are developing Island Gardens, a $600 million mixed-use waterfront development on Watson Island in Miami. The project includes a 43-story tower featuring the 150-room Shangri-La Hotel Miami, 100 fractional ownership residences known as The Residences at Island Gardens and CHI, The Spa. The joint venture will also develop 221,000 square feet of high-end retail and restaurants, a 29-story business/hotel resort and Super Yacht Harbour, a marina that will support mega-yachts up to 300 feet in length. The project will begin construction in 2008 and is slated for completion in 2010. The Greenwich Group and BF Capital Partners arranged financing for the development.
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