The Island Gardens project, proposed by Flagstone Development Group, has been given approval by the Miami City Commission. The development was originally proposed ten years ago, though the initial proposal included a casino.
The superyacht marina will be the first stage of development on city-owned Watson Island, and will include a luxury hotel, retail and superyacht complex.
Voters approved the project in 2001, but the developer has faced lawsuits, while losing lenders and hotel operators. The commission last week approved of the new development plans, which also gained approval by the state of Florida.
Commissioner Marc Sarnoff said the potential economic impact of having a superyacht facility would benefit Miami.
“I think you can recreate a maritime industry that existed here