From the Sun Sentinel.com: “Margaritaville hits financing skids”
The fate of the long-anticipated Margaritaville Hollywood Beach Resort is in peril because of problems obtaining financing, but the city and the developer say they’re optimistic the money will come through.
Developer Lon Tabatchnik is supposed to have financing in place by Tuesday but has yet to raise the $126 million needed for the 17-story, 349-room Jimmy Buffett-themed resort.
But Tabatchnik, city officals say, has received commitments to date from only 26 Chinese investors, which would raise $13 million, far too little to meet Tuesday’s deadline.
To get the project going, he’s now talking to banks for loans and he’s asking the city’s Community Redevelopment Agency to kick in up to $25 million.