The Real Deal Miami

New extension granted to Margaritaville developer

April 04, 2013 12:00PM

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Margaritaville project rendering

Lon Tabatchnick, developer of the planned Margaritaville resort, told Hollywood commissioners yesterday he could not meet the city’s April 10 deadline to work out a deal with investor Starwood Capital, the Sun Sentinel reported. Commissioners then approved Tabatchnick’s request for an extension in a 5-2 vote. The new deadline for the developer to take possession of the city-owned lot is July 5.

Despite multiple setbacks,Commissioner Patty Asseff said the project was too important to give up on now and Hollywood Mayor Peter Bober agreed, saying there is no other option for the city.

“It’s not like we have five other people ready to put a shovel in the ground tomorrow,” he told the Sentinel. “The consequences of not giving an extension [are that] we’d have to start all over.”

But others are losing faith in the project, according to the paper.

“Fort Lauderdale would never put up with something like this,” resident Howard Sher said at the commission meeting, per the Sentinel. “Only in Hollywood would we offer millions and millions [to developers] and be the laughingstock everywhere.”

Nonetheless, a suggestion put forth by commissioners Peter Hernandez and Kevin Biederman that the developer pay a penalty for not meeting the April 10 deadline did not get traction at the meeting, the paper said. [Sun Sentinel]Sanna Chu

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