MIAMI—Margaritaville Hollywood Beach Resort is one step closer to rising from the dirt in Hollywood, FL. Coastal Construction and Tishman Construction, an AECOM company, have formed a joint venture to build the new hotel and entertainment complex.
And this is just the beginning. The firms say this JV marks the launch of a new strategic alliance that will team up to build other projects in South Florida.
“We have been working with Tishman for some time, and the Margaritaville project was the catalyst to announce our partnership,” says Tom Murphy Jr., chairman and CEO of Coastal. “There are great synergies between our two companies, including our mutual track records for creating hotels, resorts and multi-family residential projects of distinction, but more importantly, our shared values and company culture.”
Developed by Margaritaville Hollywood Beach Resort LP, the Adache Group Architects-designed Margaritaville resort development spans 845,000 square feet, featuring a 17-story, 349-key hotel, restaurants, bars, and retail space. The five-acre site also includes a new 1,056-car garage, refurbished band shell, public restrooms, a water park and boat docks along the Intracoastal Waterway. The Hollywood City Commission approved the resort project on May 29.
“Our firms have collectively built more than 200 hospitality projects and over 20,000 hotel rooms,” says Daniel P. McQuade, CEO of Tishman. The firms officially break ground on Aug. 22. The project should be completed in 2015.
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