The Real Deal Miami

Margaritaville Hollywood development to receive crucial vote tonight

May 29, 2013 04:00PM

  • Print
Margaritaville Hollywood rendering

Margaritaville Hollywood rendering

Hollywood city commissioners will vote tonight on the Margaritaville Hollywood Beach Resort, the Miami Herald reported. An affirmative vote means that the project’s developers can assume control of the property in early July to begin construction.

The developers, Lojeta Millennium and Starwood Capital, need a minimum of five votes in favor to allow the development to move forward.

Tonight’s vote comes after multiple delays, as previously reported.

“This is a viable project,” Lojeta Millennium President Lon Tabatchnick said at a recent meeting. “The proof of that is that we have a viable investment institution willing to commit to the project,” meaning Starwood.

The group will invest at least $45 million of equity for the build.

The site rests on A1A and Johnson Street. The complex would include a 349-room hotel, restaurant and a 600-space public parking garage. [Miami Herald]Zachary Kussin

MENU