[chris08876]

NEW RENDERING OF ISLAND GARDENS RELEASED, SETTLEMENT DEAL UP FOR VOTE THIS WEEK

Island Gardens has released a new rendering.

The project appears to have undergone significant value engineering, the new rendering shows.

Mehmet Bayraktar won approval in 2002 to build a twin-tower and retail project on taxpayer-owned land, but never built it. Only floating docks for super yachts have been installed, along with a private club.

Public access to the waterfront property has been closed off by Bayraktar for years. Miami normally requires a baywalk to be built behind any new development even on privately owned land, but none was opened to the public as part of the Island Gardens marina and club.

The developer is suing the city after commissioners voted to hold the developer in default of a lease for the land, which could cost the city $200 million should it proceed to trial. A settlement that would cost the city $20 million is scheduled to be voted on by commissioners May 9.

According to Globest.com, the project is slated to include:

Twin towers, 575 feet and 375 feet
200 hotel rooms and 105 timeshares in taller tower
300 hotel rooms in shorter tower
Shopping center with 221,000 square feet of retail
Parking garage with 1,500 spaces in three stories

==============
NXT