Hollywood city commissioners gave new life to the Margaritaville Resort project yesterday when they approved a new financing plan in a special joint meeting of the City Commission/CRA board.
The new financing arrangement sees Starwood Capital contributing $75 million and the Hollywood Community Redevelopment Agency investing $23 million into the $138 million resort.
Starwood Capital is a global investment firm with $20 billion in assets, primarily in hotels, real estate, and golf courses.
The Margaritaville Resort, to be located on Johnson Street in
Hollywood Beach, will feature 349 rooms in a tropical setting. The complex will be styled
after Jimmy Buffett's songs and philosophy. The resort will also have a
Margaritaville restaurant and beachfront concessions to include alcohol
sales for a trial two-year period.
During the course of the
99-year lease, the City of Hollywood stands to gain a projected revenue
of $1,813,600,000, which equates to just under $70 million when adjusted for
inflation.
Construction is expected to take about two years, with developer Lon Tabatchnik hoping for a 2014 project completion.
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