An update on the Margaritaville Resort: “Hollywood gives Margaritaville developer new deadline: July 5”
Margaritaville’s developer says he needs more time to work out a deal with Starwood Capital — and he got it on Wednesday.
Developer Lon Tabatchnick told commissioners he could not meet the city’s April 10 deadline to take possession of the city-owned parcel.
Hollywood commissioners gave him a new deadline: July 5.
Tabatchnick plans to build the 17-story Margaritaville resort on 5 acres near Johnson Street and the Broadwalk. He plans to lease the land for 99 years, paying Hollywood $1 million in the first year alone.
Part of the deal requires Hollywood’s redevelopment agency to kick in $23 million and Starwood Capital to invest $75 million in the $138 million project.
“This is a complicated transaction,” Tabatchnick told the commission.
Gavin Middleton, senior vice president for Starwood, reassured commissioners.
“We feel very confident in the project,” he said. “We believe in it.”
Still, critics wondered whether it would ever be built.