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
  • Full service amenities provided by the experienced five-star hotel staff
  • 105 units, with seven fractions per unit, for a total of 735 fractions
  • Unit mix of approximately 20% two-bedrooms, 55% three-bedrooms and 25% four-bedrooms
  • Weighted average unit size of approximately 2,400 square feet (1,800 square-foot two-bedroom units, 2,300 and 2,500 square-foot three-bedroom units, 3000 square-foot four-bedroom units)

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