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Overview Island Gardens will offer the residents and visitors of Miami an extraordinary public area with an integrated waterfront ambiance that transforms an underutilized area into a destination for everyone.
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| Overview |
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Key Components |
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Project Team |
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Project Partners |
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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:
Mr. Bayraktar holds a bachelors degree with majors in Marketing and Management from the University of Akron Business School in Ohio, which he attended after graduating from St. Vincent St. Mary High School in Akron, Ohio. |
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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
Mr. Weiser is a 1952 graduate of the School of Business at Ohio State University and a 1955 honors graduate of Case Western Reserve University School of Law. |
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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. |
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Concept Architect [and Member of the Advisory Board] Mr. Kuhne is the concept architect of Island Gardens and a member of the advisory board of Flagstone Island Gardens. In this capacity, Mr. Kuhne, together with Mr. Bayraktar, developed the conceptual design of Island Gardens. Mr. Kuhne is also the Managing Partner and founder of Eric R. Kuhne and Associates, an international research and design consulting firm dedicated to the reintegration of architecture, landscape and civic arts. Mr. Kuhne and his team at Eric R. Kuhne and Associates have played an important role in the development of the design of the Project. Mr. Kuhne has been working as an international designer and consultant for nearly 30 years and is dedicated to applying a research and market-oriented approach to design. His numerous and award-winning projects span four continents, some of which are:
In addition to awards for the above-mentioned projects, Mr. Kuhne has received numerous awards, including:
Mr. Kuhne is a member of the American Institute of Architects, and is a registered architect in New York State. Mr. Kuhne earned a Masters of Architecture degree with honors from Princeton University and Bachelor of Art degrees in Art and Architecture from William Marsh Rice University. |
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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:
Mr. Ferhangil is an associate member of the Urban Land Institute and a member of the American Iron and Steel Institute. 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. |
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Project Director Mr. Herndon joined Flagstone in 2002 as the Project Director of Island Gardens, where he is responsible for obtaining approval of all project entitlements, programming, planning, governmental approvals, permitting, design, construction and opening, consistent with project budget and schedule Prior to joining Flagstone, Mr. Herndon has spent 24 years in the industry and has built a track record in project planning and management. His past experience includes:
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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. |
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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. |
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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. |
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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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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. |
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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. |
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. |
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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. |
MEHMET BAYRAKTAR |
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SHERWOOD WEISER |
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JEAN LOUIS SOLAL |
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ERIC R. KUHNE |
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JOSEPH HERNDON |
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FERIT FERHANGIL |
