HOLLYWOOD-Developer Lon Tabatchnick was granted a new deadline to take possession of a city-owned parcel for his Hollywood Margaritaville resort project. After failing to meet an April 10th deadline, the new target date is July 5.
The Hollywood Commission granted Tabatchnick the further extension on Wednesday after hearing that he needed further time to finalize details with Starwood Capital for his 17-story Hollywood Margaritaville project that will be built on five acres on near Johnson Street and the Broadwalk, according to the Sun-Sentinel. The deal for the $138-million hotel resort project requires Hollywood's redevelopment agency to invest $23 million and Starwood Capital to kick in $75 million.
Hollywood Mayor Peter Bober says city really has no choice but to grant the extension. “It's not like we have five other people ready to put a shovel in the ground tomorrow. The consequences of not giving an extension [are that] we'd have to start all over.” See story in the Sun-Sentinel.
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