HOLLYWOOD (CBS4) – Hollywood residents and visitors are one step closer to ‘wasting away in Margaritaville’.

On Wednesday Hollywood’s city commission approved a 99 year lease with a developer for six acres of land at Johnson Street and the beach for a Jimmy Buffett inspired Margaritaville Resort project.

In addition to a 17 story hotel, the resort project includes two restaurants, a new parking garage, swimming pool, tiki bar, cabanas, marina and a seaplane. The resort will extend from Johnson Street to Michigan Streets and from the beach to the Intracoastal Waterway.

Construction is set to begin in March 2012.