Hollywood Approves Margaritaville Resort

View Comments
Summer Guide

MIAMI (CBSMiami) – A new destination resort with a flip-flop paradise vibe has been given the go ahead for Hollywood beach.

In a 6-1 vote, Hollywood’s commission approved a measure to allow a developer to take over five acres of beachside property to build the Margaritaville Hollywood Beach Resort, according to CBS4 news partner The Miami Herald.

In addition to the 439-room hotel and restaurant complex there will be a garage with 600 public parking spots, public restrooms and a refurbishment of the band shell at Johnson Street.

Margaritaville Hollywood Beach Resort LP — a partnership between Lojeta Millennium, Margaritaville of Hollywood and Starwood Capital — now has until July 9 to get its financing in line, secure bonds and permits.

As part of the agreement, the city approved a 99-year lease of the land. In exchange, they will receive a minimum of a million dollars a year in rent with a 15 percent increase every five years. The city could get paid more based on how well the hotel does.

City projections indicate Hollywood will receive $1.9 billion from the resort over the span of the 99-year lease, according to the paper.

In addition to the lease, Hollywood will contribute $23 million for furniture, fixtures and equipment.

The $147 million project is expected to take a little more than two years to complete.

CBS4 news partner The Miami Herald contributed to this report.

View Comments
blog comments powered by Disqus

Get every new post delivered to your Inbox.

Join 3,151 other followers