|By Ihosvani Rodriguez, South Florida
Sun-SentinelMcClatchy-Tribune Business News
Jul. 12, 2006 - Hollywood -- City officials Tuesday gave final approval to one of the most ambitious and hotly debated hotel projects on Hollywood beach, a step many hope will serve as the catalyst for the area's rebirth.
The $80.3 million luxury hotel and resort will have about 350 rooms in a 17-story complex built on six acres of city-owned land at Johnson Street and the beach. The development, called the Ocean Village at Hollywood Beach, also will include restaurants, bars, shops and a 1,600-space garage that will be largely open for public parking.
Under an agreement with the city, developer Oceans Properties will pay $275,000 a year in rent for the next 99 years. The developer agreed to pay the city 7.8 percent of all its hotel and retail revenues. The city also will receive an additional $75,000 a year to help put on special events at the beach.
The city's beach Community Redevelopment Agency will build the project's parking garage for about $23 million-$25 million and will cash in on 1,100 of its spaces. The city also will pay for a number of public improvements in the area, including new landscaping, lighting, restrooms and upgrades to the beach bandshell.
Officials hope the project will pump an estimated $38.7 million into the city and CRA during the next 20 years. The project will be the third modern full-service hotel in Hollywood, after the Westin Diplomat and the Marriott Hollywood Beach. The Diplomat will remain the largest, with 38 floors and 998 rooms.
The Ocean Village project was approved with little debate Tuesday. City commissioners, usually at odds with each other on nearly every issue, took turns lauding the project.
"This is a very auspicious day," Mayor Mara Giulianti said. The approval came after almost eight years of stalled plans, contentious commission meetings and a successful lawsuit against the city.
The resort is scheduled to open in the fall of 2008.
Ihosvani Rodriguez can be reached at firstname.lastname@example.org or 954-385-7908.
Copyright (c) 2006, South Florida Sun-Sentinel
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