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.