ING Clarion Partners has partnered with Flagstone Property Group to develop Island Gardens, a luxury mixed-use complex in Miami. The joint venture plans to invest $600 million (€416 million) on the project.
Located on 10.5 acres of previously undeveloped land on Watson Island in Biscayne Bay, the complex will be in close proximity to Miami Beach and downtown Miami. The development will comprise a 43-story building featuring the Shangri-La Hotel, Miami and fractional ownership luxury homes known as The Residences at Island Gardens.
The Shangri-La comprises 150 guestrooms, suites and poolside villas. The development will also include a 29-story business hotel/resort; the 50-slip Super Yacht Harbour able to accommodate yachts ranging from 80 feet to over 300 feet in length; and high-end retail and dining space.
“With its potential to transform the Miami Skyline, we expect the complex to become one of the premiere leisure and hospitality addresses in the city,” Edward Rotter, managing director at ING Clarion, said in a statement.
The project will break ground next year and is slated for completion in 2010. Flagstone will oversee development of Island Gardens.