Hotel Online 
News for the Hospitality Executive


advertisement

 
Stalled $138 Million Margaritaville Project Gets More Time to Work Through
Glitches as
Hollywood, Florida Votes to Give Reprieve on Deadlines

By Tonya Alanez, Sun Sentinel, Fort Lauderdale, Fla.McClatchy-Tribune Regional News

July 19, 2012--HOLLYWOOD -- The long-awaited and much-ballyhooed Margaritaville project has been thrown off course by lack of financing and property-boundary evaluations required by Broward County.

As a result, the City Commission on Wednesday voted to suspend enforcement of any deadlines for the stalled $138 million project until a new financing plan and time frames can be worked out.

A new financing scheme for the 17-story, 349-room beach resort won't likely be in place until September when the commission returns from a month-long break.

Developer Lon Tabatchnik is negotiating with undisclosed investor groups for the more than $70 million needed to complete the Jimmy Buffett-themed venture.

He is also asking the city's Community Redevelopment Agency to lend $23 million instead of an initial $10 million.

And in the latest unexpected glitch, the county is requiring the developer to precisely define boundaries and how the project affects public rights of way, roads and services. That process could delay the project by at least four months.

tealanez@tribune.com or 954-356-4542. Twitter @talanez

___

(c)2012 the Sun Sentinel (Fort Lauderdale, Fla.)

Visit the Sun Sentinel (Fort Lauderdale, Fla.) at www.sun-sentinel.com

Distributed by MCT Information Services



Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here

To Learn More About Your News Being Published on Hotel-Online Inquire Here


To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News
| Industry Resources

Please contact Hotel.Online with your comments and suggestions.