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: