The Residences at Island Gardens will be the fractional component. According to an article in the New York Times these will consist of "98 units of one- to four-bedrooms that will be sold on a fractional basis. The price, $225,000 to $1 million for a one-eighth share consisting of 45 days a year, includes access to a small fleet of yachts. "

The overall $640m projects includes a deep water marina, two hotels and boutiques and restaurants.

The developer Mehmet Bayraktar, the chief executive of Flagstone Property, is boldly forging ahead with this large project even with the current state of the global economy. Miami real estate has been hit particularly hard, but Bayraktar feels that the project is unique enough to succeed. and has lined up financing and is making some good pre-sales and pre lets for the retail component.