Spotlight – Seeking a Monaco on Biscayne Bay [South Florida]

Spotlight – Seeking a Monaco on Biscayne Bay [South Florida]

All across Miami, images of the real estate bust are on display — in the empty condominium towers, the for-sale signs and the posted foreclosure notices. But on Watson Island, a diamond-shaped piece of land between downtown Miami and South Beach, there are big plans in the works.

Since November, workers have been dredging the waters and building a sea wall to prepare for a deepwater marina that will be the focal point of Island Gardens, a $640 million mixed-use project being developed by the Flagstone Property Group. The development will include two luxury hotels, private residences, a botanical garden and dozens of restaurants and boutiques.

The ambitious project is the rare exception these days in Miami, where rampant building and speculation combined to make the city a vivid example of the real estate crisis. While the downturn has stymied many developments, the Island Gardens project seems to hark back to a sunnier time with its promise of luxury living.