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Related Drops Island Gardens, Probably Killing Whole Project

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[Images via exMiami]

Here's what we know: Two unnamed source told the South Florida Business Journal that the Related Group has dropped plans to partner in the development of the Island Gardens megaproject on Watson Island. And this is after they cooked up expanded plans for the shopping, hotel, and residential Hong Kong-esque clusterfuck.

Here's what we don't know, but can reasonably conclude: The whole project is fucked, and probably dead. The Related Companies has probably withdrawn as well because (A) South Florida is not their home turf and (B) Stephen Ross, Chairman of the Related Companies, probably doesn't want Jorge Perez's leftovers. This leaves the project's original developer Mehmet Bayraktar of Flagstone Group holding the ball. By now Miami City commissioners know (or should know) that he can't build this shit on his own, and his ability to secure another partner is questionable at best. If both all-powerful Relateds can't pull it off, then who can? Bye, bye Island Gardens.

· The Related Group drops Island Gardens project [South Florida Business Journal]
· Island Gardens coverage [Curbed Miami]