The main contractor, Dubai Civil Engineering, part of Al Hamad Group of Companies, has started work on the project to build 2,550 hotel apartment suites, 52 restaurants, outdoor cafes and 125,000 square feet shopping mall.
The development is all surrounded by a manmade beach and a lagoon spread over 5 acres – to be completed ahead of the Expo 2020, Schon said in a statement.
The company added that the ground-breaking ceremony will be followed by "a flurry of construction activities that will see thousands of workers and construction equipment on ground in the next few months".
The ground-breaking comes after the completion of piling and shoring works of the project, which will be connected to the Expo 2020 site, Al Maktoum International Airport and other major attractions through the new Dubai Metro line.
Danial H Schön, founder and president of Schön Properties, said: “The ground-breaking ceremony within a month of our announcement of the joint venture reflects our strong commitment to expedite completion of the iSuites project prior to Expo 2020 and to contribute to the growth story of the UAE as a private developer.”
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.