HOLLYWOOD (CBSMiami) – Still getting all his financial ducks in a row, a developer who wants to build a multi-million dollar Margaritaville resort on Hollywood beach has been granted an extension to get the deal done.
Earlier this week, developer Lon Tabatchnick told the city he would not be able to meet an April 10th deadline to take possession of the land near Johnson Street and the Broadwalk, according to the Sun-Sentinel.
During a commission meeting Wednesday, he said he needed more time to work out a deal with Starwood Capital to build the 17-story resort. Tabatchnick plans to lease the land for 99 years and pay the city $1 million in the first year alone.
Under terms of the deal, Starwood Capital would invest $75 million into the $138 million project while the city’s redevelopment agency would be responsible for $23 million.
While some of the commissioner expressed concern over the delays, Gavin Middleton, senior vice president for Starwood, reassured them that they believed in the project.
Hollywood commissioners then re-set the deadline to July 5th.
The Sun-Sentinel contributed to this report