HOLLYWOOD, FL-The Hollywood City Commission gave the approval on Wednesday to allow a developer to take over a beachfront parcel and build the Margaritaville Hollywood Beach Resort.
The 6-1 vote now puts Margaritaville Hollywood Beach Resort LP, a partnership of Lojeta Millennium, Margaritaville of Hollywood and Starwood Capital, on the clock to secure financing and commence construction on the 349-room hotel and restaurant resort.
The firm has until July 9 to line up financing, secure bonds and permits for the project, according to the Miami Herald. The project is expected to cost $147 million to develop. The city-owned land will be leased to Margaritaville Hollywood Beach Resort LP, which will remit to the city a minimum of $1 million in annual rent. The rent will increase by 15% every five years. The city has offered to extend $23 million to the developer for furniture, fixtures and equipment in connection with the project. See story in the Miami Herald.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
