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Watson Island Lease Deadline Extended

MIAMI-Flagstone Group now has until March 11 to reach a deal with the city for the $640-million project.

By Paola Iuspa-Abbott | Updated on January 28, 2010

(This story, in slightly different form, originally appeared in ALM’s Daily Business Review.)

MIAMI-City commissioners have extended a deadline for a developer to sign a lease to build a $640-million project on Watson Island east of Downtown Miami. Locally based Flagstone Group faced a Monday deadline but now has until March 11 to reach an agreement that would give the developer up to three years to begin building on the city-owned land.

Under the proposed agreement, Flagstone is to pay the city $300,000 a month during the first year, $500,000 a month in the second year and $750,000 a month in the third year. In the fourth year, Flagstone will pay the city $1 million a year if it begins construction of a parking garage and a marina for mega-yachts.

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