ING Real Estate and Flagstone Property Group in joint $600 mln. mixed use venture (US/NL)

ING Real Estate has entered into a joint venture with Flagstone Property Group to develop and own Island Gardens, a luxury mixed-use property in Miami. The two partners plan to invest approximately $600 mln. (approx. €382.4 mln.) in the project, with the ground breaking in 2008. Island Gardens is slated for completion in 2010.

Located on Watson Island in Biscayne Bay on 10.5 acres of previously undeveloped land, Island Gardens will be minutes away from Miami Beach and downtown Miami. When completed, the development will offer unobstructed views of Biscayne Bay and the Miami skyline, providing an unparalleled environment for both residents and visitors. The project will include a 43-story building featuring the Shangri-La Hotel, Miami and fractional ownership luxury homes perched atop the Shangri-La Hotel, Miami, known as The Residences at Island Gardens. Additionally, the project will also feature a 29-story business hotel/resort; and the Super-Yacht Harbour, the only marina under development in North America exclusively designed to accommodate mega-yachts up to over 300 feet in length; CHI, The Spa at Shangri-La; high-end retail and restaurants located along a unique waterfront promenade.

The Shangri-La Hotel, Miami will feature 150 guestrooms, suites and poolside villas offering floor-to-ceiling windows, expansive terraces, and round-the-clock butler services. Featuring management and services of world-renowned Shangri-La Hotels and Resorts, The Residences at Island Gardens will be surrounded by a spectacular botanical garden. The 50-slip Super Yacht Harbour at Island Gardens will accommodate mega-yachts ranging from 80 feet to over 300 feet in length, while a 100-foot, set-back landscaped promenade will extend along the entire 1,000 foot length of the sea wall. There will be 221,000 ft² (approx. 20,500 m²) of retail and dining space, with indoor and outdoor seating for more than 2,000 guests.

Island Gardens is being developed by Flagstone Property Group and is designed by Eric Kuhne & Associates, with interiors by Piero Lissoni.

Source: ING

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