TEPaul,
As you know, Indian Creek is on an island in Biscayne Bay.
The northern holes are directly on the water, but it's not just any water, it is the Biscayne Bay Aquatic Preserve.
There is no offset or buffer from the golf course to the water, and as such I doubt those holes could be built today.
If Indian Creek Island was in its raw, natural form today, the ability to overcome the permiting process required to build a golf course might prove to be an impossible task, and my view is that it is unlikely that a golf course could be built there today.
In addition to calling the bordering water the Biscayne Bay Aquatic Preserve, we'd be calling the island the Indian Creek Wildlife Preserve.
Flynn may have been a master router and a great designer,
but there is no way he could overcome some of the environmental restricitions placed on property and designers/developers today.