The Flagstone group proposes the development of a 48-slip, five-gold star Anchor Facility; a 175-unit Wave Hotel operated by Conrad Hotels, with 50 time-share licensed suites; a 250-room Lighthouse Hotel operated by the Regent Group, with 50 time-share licensed suites; 84,012-sf of restaurant space; and a 10,629-sf open air fish market.

During the construction phase, Flagstone proposes annual rents of $1 million on a site that covers 1,100 linear feet of bay frontage, 10.8 acres of property 13.4 acres of submerged land.

Once fully developed, however, the development group is proposing annual rents of $2 million with annual increases of 3% or a prevailing factor based on the Consumer Price Index. After three years of operation, the development team would pay the city 1% of all gross revenue and 2.5% of fractional license unit sales.

In comparison, two other project proposals offered considerably less. Hollywood, FL-based Swerdlow Marine Partners offered annual rents of $200,000, with 10% annual increases in the base rent. As for revenue, the development team offered the city 20% of annual base tenant rents.

Miami-based Watson Island Partners offered rents of $250,000 for the first 3 years and $500,000, with 3.5% annual increases, as a base rent. As for revenue, the development team offered the city 1% fractional license unit sales, 1% from resort operations and 1% from marina operations.