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SUPER-YACHT HARBOR The Harbor at Island Gardens will include a 50-slip harbor for super-yachts (also referred to as mega-yachts and are vessels larger than 80 feet that can reach beyond 450 feet in length). These boats are awe-inspiring and tend to draw people of all ages and income brackets as experienced in mega-yacht-oriented resorts such as St. Tropez (France), Marbella (Spain), and Monte Carlo (Monaco). Unique to Island Gardens will be the angled design of the docks in the harbor, which will ensure unobstructed views from Island Gardens towards downtown Miami and the cruise ships berthed at the Port of Miami terminal across Biscayne Bay. Island Gardens is the only location under development in the Miami area that will be able to accommodate super-yachts, and it is unlikely another location will be available. As most boating facilities in Florida do not offer deep enough waters for sailing mega-yachts and the very large super-yachts, the harbor at Island Gardens will address the growing boat docking shortage for these types of vessels. Demand for boat slips to berth these large vessels far exceeds the supply in the world, and particularly in South Florida. In addition, the category of very large mega-yachts, or super-yachts, has enjoyed particularly strong growth in recent years. The City of Miami's RFP for the Watson Island site focused on a mega-yacht marina to address the limited berthing space available in South Florida. A successful such facility will provide tremendous economic value to the city. According to a 2001 report by PriceWaterhouseCoopers (PWC) for the City of Miami, mega-yacht (or super-yacht) owners spend about 41 percent of their yacht's annual operating budget while in port. These budgets, according to PWC, are about 10 percent of the purchase price of a vessel. These prices vary, however, generally, the purchase price of these yachts are in the tens of millions of dollars. The super-yacht harbor at Island Gardens will meet or exceed all international
standards in design, amenities, service and security. |
HOSPITALITY
Island Gardens will include two hotels that, together, will fill a void in the Miami marketplace by offering state-of-the-art rooms, concierge services, superior amenities, and business-related services all located on Miami's prime waterfront. Luxury Hotel Island Gardens will have a 135-key five-star luxury hotel that has been designed to meet the needs of sophisticated travelers. The five-star facility will be at the heart of the bustling mixed-use waterfront environment, have stunning 360-degree views of Biscayne Bay, an array of the world's largest yachts in its harbor, the Miami skyline, and a multitude of dining, entertainment and shopping venues. The 105 fractional units, as more fully described below, will be located above this five-star property. Upscale Business/Resort Hotel The 345-key four-star hotel will offer the business traveler a modern
property with high service levels, superior amenities, large, modern
meeting facilities, coupled with the multiple shopping, dining and entertainment
options at Island Gardens. |
FRACTIONAL UNITS
Island Gardens will offer 105 "fractional" units. The fractional units will be sold in seven parcels per property, providing purchasers the opportunity to own a portion of a unit. These fractional units offer a unique and attractive opportunity for second homebuyers by providing service-rich luxury living and amenities without the cost and responsibilities of a wholly owned second home. Fractional units appeal to vacation homebuyers who are reluctant to invest substantial capital in a second or third home that often receives infrequent use and requires significant upkeep. These are vacation homes to enjoy, not manage. Fractional interests of luxury apartments, townhouses and single-family
homes have become a rapidly emerging market throughout the U.S., particularly
in resort locations. Miami is a unique location for fractional units
as it enjoys a long season in the fall, winter and spring and a limited
shoulder season - ideal circumstances for year around fractional unit
usage. |
SPA
Island Gardens will house a distinctive, destination resort spa, which will be available to the hotel guests, fractional owners as well as to other patrons. The spa will be run by an internationally recognized organization with a top-tier spa brand and will provide a full line of contemporary services to its clientele. The spa, together with the roof gardens and pools, will be located
atop the 5-star hotel at nearly 120 feet above sea level, and will enjoy
spectacular views of downtown Miami and Biscayne Bay. DINING Island Gardens' 221,000 square feet of shopping and dining will offer a spectacular destination venue for both Miami's residents and visitors. With unparalleled water and city views, the more than 10 restaurants and cafes of varying price points will ensure that Island Gardens becomes one of Miami's finest dining destinations. Island Gardens will become a dining destination in and of itself through
its unique collection of award-winning, international restaurateurs
offering a mix of cuisines, atmospheres and price points will make Island
Gardens a dining destination in and of itself. With a critical mass
of approximately 36,000 square feet accommodating over 2,000 seats indoors/outdoors
and unmatched water/city views, Island Gardens' restaurants and cafes
will become some of the finest dining destinations in South Florida.
Additionally, Island Gardens' proximity to the new Performing Arts Center
will make it the destination for pre- and post- show dining. RETAIL Island Gardens will house select boutiques and stores from the US and
around the world, creating a fusion between familiar brands and unique,
international retail offerings that have thrived, almost exclusively,
in harbor cities around the world. Retailers will be carefully selected
to appeal to Miami's year-round and seasonal residents, as well as visitors
to greater Miami. There will be no major "large-box" anchors,
but a fashionable mix of international and domestic boutique offerings
with 2-4 "mini-anchors," which is one of the newest concepts
in lifestyle and street retailing. This spectacular destination venue
will feature many merchants not currently present in the Miami market. |
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IN THE NEWS...
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Flagstone builds first U.S. Super-Yacht Harbor Demand for boat slips to berth mega-yachts (defined as yachts over 80 feet long) far exceeds the supply in the world, and particularly in South Florida. In addition, the category of very large mega-yachts or super-yachts (where the boat size is in excess of 150 feet) has enjoyed particularly strong growth in recent years. These larger mega-yachts, together with an expanding global fleet of sailing mega-yachts (which feature deep keels) require deeper waters than a typical 80-foot vessel. Most of the marinas in Florida do not offer deep enough waters for sailing mega-yachts and the very large mega-yachts. Even those that have somewhat deeper waters, are only available for access during limited hours of the day, subject to tide levels. While the marina is geared towards the mega- and super-yacht categories (capable of berthing 43 such vessels), it will also provide some limited space for boats of smaller size (60 to 100 foot range). MEGA-YACHT AND SUPER-YACHT OVERVIEW SUPER-YACHTS The terminology, mega-yachts or super-yachts, represents yachts over 80 feet in length with the average in the 150-foot range. As the trend for new-builds continues to grow larger, the term mega- or super-yacht may eventually refer to yachts in excess of 150 or even 200 feet. Several new builds are currently underway in excess of 200 feet with some exceeding 300 feet in length. The yachting segment targeted by Island Gardens is unlike any other part of the market. This quality is not only driven by the size of the yachts but also by the purchase price, which can vary greatly between production and custom yachts, required to enter this exclusive club. In the past 10 years, as vessels have grown in size and quantity in the area, most large yacht owners bought real estate where they could store or buy a slip. These include Ocean Reef, Fisher Island, Deering Estate, etc. In those days, owners merely had to find a slip that could accommodate their 80-100 foot vessels. Now the vessels they seek to own or charter will not fit in the “traditional” marinas. The number of mega-yachts being ordered annually since 1997 has been growing rapidly, while the share of mega-yachts in excess of 120 feet has also been growing disproportionately. |
Three Miami-based artists with international reputations have been included on the project team to address the uniqueness of the community and the project. Jose Bedia, Michele Oka Doner and Maria Martinez-Canas will create Civic Art pieces that will enrich the experience of visitors to Island Gardens while highlighting Miami's history and diversity.
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Flagstone introduces units
to Miami The fractional properties at Island Gardens, located above and serviced by the five-star hotel, will provide service-rich living, unparalleled views, and be sold in seven parcels per property, providing purchasers the opportunity to own a portion of a unit. The terms of Flagstone's 75-year ground lease and development agreement with the City of Miami enable the construction of up to 105 residential units to be sold on a fractional interest basis. The fractional units will total approximately 340,000 square feet. These fractional units offer a unique and attractive opportunity for second homebuyers by providing service-rich luxury living and amenities without the cost and responsibilities of a wholly owned second home. Fractional units are ideal for vacation homebuyers who are reluctant to invest substantial capital in a second or third home that often receives infrequent use and requires significant upkeep. These are vacation homes to enjoy, not manage. Fractional interests of luxury apartments, townhouses and single-family homes have become a rapidly emerging market throughout the U.S., particularly in resort locations. Miami is a unique location for fractional units as it enjoys a long season in the fall, winter and spring and a limited shoulder season – ideal circumstances for year around fractional unit usage. The key elements of the fractional units at Island Gardens are highlighted below: High-end, luxury units with related facilities, services and unique
amenity package Located on the upper floors of the five-star hotel |
CIVIC ARTS
Three Miami-based artists with international reputations have been
included on the project team to address the uniqueness of the community
and the project. Jose Bedia, Michele Oka Doner and Maria Martinez-Canas
will create Civic Art pieces that will enrich the experience of visitors
to Island Gardens while highlighting Miami's history and diversity. GARDENS Once developed, Island Gardens will not only be the City of Miami's
crown jewel, it will provide a facility that will ensure the public's
use of the land. Public access to open space and recreation facilities
is a major component of Island Gardens, and it is Flagstone's vision
to create one of the finest destinations for families in the Miami area.
Island Gardens will accomplish this by providing for civic education,
recreation and entertainment for the public through partnerships with
local cultural institutions. |
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Mehmet Bayraktar founded Flagstone Property Group in 2001 to expand his real estate development activities, previously in Europe, to the U.S. and other international locations. Flagstone is dedicated to developing properties of distinction that provide a showcase and centerpiece for the communities in which they are built. Island Gardens is the first project for Flagstone in the U.S. Other projects of distinction are under consideration in the U.S. and other international venues. The Flagstone Property Group is committed to creating landmark properties
that accentuate the authenticity of an environment to become community
hallmarks. Flagstone focuses on developing mixed-use and commercial,
urban properties. THE TEAM |
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Chairman & CEO Mr. Bayraktar is the founder of Flagstone Property Group and oversees all the day-to-day activities of the company and its subsidiaries. Mr. Bayraktar, who has traveled to the U.S. regularly since he completed his education in Ohio, relocated his family from his native Turkey to Florida in 2001 with the aim of expanding his real estate development business to the U.S. Prior to his current position, Mr. Bayraktar was the Chairman and CEO of Bayraktar Holding, the holding company of his family's portfolio of businesses, ranging from real estate development to automotive component manufacturing and distribution, tourism, food processing and distribution, banking and financial services. Within Bayraktar Holding, Mr. Bayraktar also pioneered and was directly responsible for the family's real estate endeavors. Some of the real estate projects Mr. Bayraktar envisioned and developed include The Ataköy Complex in Istanbul; The Carousel mixed-use project in Bakirköy,Istanbul; and The Izmit Outlet Center in Izmit. Mr. Bayraktar has served various industry associations and organizations, including: Member of the Young Presidents' Organization, Dallas, TX. Former Chairman
of Education and Chapter Chairman, Istanbul Bosphorus Chapter |
Chief Financial Officer and Member of the Advisory Board Mr. Ferhangil is Chief Financial Officer and Advisory Board Member of Flagstone, and, in this role, he is responsible for the overall financial planning and strategy of Flagstone Property Group. Mr. Ferhangil and Mr. Bayraktar have known each other for over 15 years, having first met during the development of the Ataköy Complex project. Mr. Ferhangil is also a Managing Director of BF Capital Partners LLC, a financial advisory and investment banking firm focused on complex, advisory-intensive assignments in real estate, steel and base metals industries, and other manufacturing businesses. Prior to joining BF Capital Partners, Mr. Ferhangil held several positions including: Co-founder and Chief Executive Officer of FerrousExchange Inc, the
first online "bid/offer" exchange to provide the global steel
industry with real-time trading of steel forward and futures contracts.
Together with 35 professionals from the steel and futures industries,
Mr. Ferhangil designed and implemented the first real-time forwards
exchange and designed a futures exchange for the steel industry. Mr. Ferhangil earned a Masters of Business Administration from the
Amos Tuck School at Dartmouth College and a Bachelor of Arts degree
in Business Administration from Bosphorus University. |
Member of the Advisory Board A pioneer of the modern shopping center industry, Jean-Louis Solal innovated the suburban mall concept in Europe with the creation of the Société des Centres Commerciaux in 1962, and the opening of such widely acclaimed centers as Parly 2, Vélizy 2, Rosny 2, La Part Dieu, City 2 et Madrid 2 for which he won numerous awards. The outstanding success and strong performances of these and over 55 other centers developed or managed by SCC in France and elsewhere since has made the name of Jean-Louis Solal synonymous with the highest industry standards for regional shopping centers throughout Europe. Mr. Solal has spent extensive time in the United Sates, attending George Washington University for his Bachelor of Arts and Master of Arts degree. He has extensive knowledge of the U.S. shopping center development industry, has long-term and close friendships with many leading U.S. shopping centers developers and investors. In his shopping center development activities, he has adapted and adjusted the design and management features of U.S. enclosed malls to European market with strong attention to visual impact and circulation features. He has combined these features with a U.S. approach to anchor agreements, tenant leases and marketing concepts, which consistently have maintained his centers in the forefront of evolving demographics and retail consumer trends. In addition to his activities in Europe, Mr. Solal has participated in the development concepts and leasing of several outstanding centers in the United States. His management intensity, vision, and marketing style has established a strong reputation reflected in close relationships with the leading retail chains throughout Europe. M. Solal was born in 1928, is married with two children. He is widely traveled and enjoys an exceptional reputation in the shopping center development and management industry around the world. He is a former Trustee of the International Council of Shopping Centers and a founder and for 16 years Chairman of the Council's European Committee. He was Chairman of the First World Congress of Shopping Centers (Hong Kong 1990). He is a founding member trustee of the Real Estate Center advisory Board of the Wharton School of Business of the University of Pennsylvania and is noted and frequent industry spokesman as author of the shopping centers "Mega Trends" (1991). Mr. Solal founded his own company JEAN-LOUIS SOLAL INVESTISSEMENT in 1992. He was co-developer with Gerald D. Hines of Diagonal Mar in Barcelona. He is co-developing with MAB "La Fiesta" in Saint-Quentin-en-Yvelines and leasing it (opening end 2004). In recognition of his personal contributions and influence on the evolution
of retail industry in France, M. Solal was made Officer of the French
Legion deHonneur in 1999. |
Member of the Advisory Board Mr. Weiser is a member of the advisory board of Flagstone Island Gardens. In this capacity, Mr. Weiser, together with his firm, The Continental Companies, oversees all design and development aspects of the hospitality component at Island Gardens. Mr. Weiser and his team play a key role in working with Island Gardens? hotel flag. Mr. Weiser will also lead the asset management of the two hotels at Island Gardens. Mr. Weiser is a partner and owner in the Ritz-Carlton, Key Biscayne and the Ritz-Carlton Philadelphia hotels. Since purchasing his first hotel more than 40 years ago, he has developed, owned and/or operated hundreds of hotels throughout the United States, the Caribbean and Latin America, among which are some of the most successful hotels in the world. Some of his best known Miami area hotel developments are the Grand Bay Hotel in Coconut Grove (Miami's first five-star hotel) built in the early 1980s and the Sheraton River House at Miami International Airport. Additionally he developed and operated internationally acclaimed Grand Bay Resort in Manzanillo, Mexico and the Grand Bay Hotel in New York City. In 2000, Mr. Weiser, along with partners, purchased a 49% preferred stock ownership in Interstate Hotels (NYSE). Interstate is the largest independent hotel management company in the U.S., with over 300 hotels under management in the U.S. and in Russia. Mr. Weiser is also Chairman and Chief Executive Officer of The Continental Companies, the surviving hotel company after the sale of Carnival Hotels to Penn National Gaming in April of 2001. Prior to the sale, Mr. Weiser was the Chairman and Chief Executive Officer of Carnival Hotels, a hotel and gaming management and development firm headquartered in Miami. In 1997, Carnival Hotels had entered into a merger agreement for part of the company with Patriot American Hospitality, now known as Wyndham Hotels (NYSE). Prior to the merger, Carnival Hotels, had total revenues of approximately $1.1 billion with some 17,000 employees and more than 85 hotels under management or development, comprising approximately 19,000 rooms. Mr. Weiser, together with partner, Donald Lefton, founded The Continental Companies in the early 70s after having spent several years as special counsel and hotel consultant to ITT, including negotiating the acquisition of several hotels as well as the acquisition of Sheraton Corporation by ITT. Prior to this role, Mr. Weiser practiced law in Cleveland, Ohio and subsequently bought his first hotel in 1959. Mr. Weiser has been honored with several awards, including the Joseph Wharton Business Statesman Award (1994), the Dade County Tourism Professional of the Year (1992), the Florida International University Award for outstanding community service (1992) and the Humanitarian Award from the National Conference of Christians and Jews (1998). He has also been extremely active in numerous civic organizations and has chaired various civic boards including: Business Directorships |
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ANNOUNCING
THE WESTIN MIAMI AT ISLAND GARDENS This presentation and any information provided to you is intended to set forth only a very general, preliminary view of the development and the fractional share interests which may be constructed by Flagstone Island Gardens, LLC or its affiliates sometime in the future. Plans have not been finalized in any way and if development is in fact pursued in the future any and all plans, designs, appearances, locations etc. may change substantially from that which is presented here. None of the information provided here has been filed with or approved by any of the applicable federal, state or local bodies who may have jurisdiction, such as the Federal and State Securities and Exchange Commissions, Florida State Condominium Bureau, Florida State Land Sales Department, etc., and should not be relied upon in any way. This presentation is not intended to constitute an offering for sale of any fractional share units or securities. The offering for sale of any fractional share units or of any securities will be made in the future (if at all) only pursuant to a separate written document prepared by Flagstone and approved by all applicable federal, state and/or local bodies who may have jurisdiction.
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