The large-scale Margaritaville project in Hollywood Beach has hit a roadblock, with developer Lon Tabatchnik not yet able to secure all $128 million required for the project, the Sun Sentinel reported. Now, Tabachnik is looking to banks and Hollywood’s Community Redevelopment Agency for financing. “We’re not alarmed by this,” said Cathy Swanson Rivenbark, assistant city manager. “We absolutely know he is feverishly working on this.” The project, which is the biggest in the area in 10 years, will stand on a six-acre site across the A1A. Completion had been slated for 2014. [Sun Sentinel]

309 Garden Road

Singer Jimmy Buffett and his wife Jane have purchased a home in Palm Beach for $4.95 million. The property, which is located at 309 Garden Road, has three bedrooms and three bathrooms. Corcoran broker Jim McCann was the listing broker on the home, which had an asking price of $5.2 million. The seller was Caye Hoffmaster. The Buffetts, who sold their home in Palm Beach last year for $18.5 million, were represented by Denise Hanley of Denise A. Hanley. [Palm Beach Daily News]
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With the $130 million Margaritaville resort approved, Hollywood Beach is looking to make itself a tourist destination. City leaders hope the project will help attract tourists and improved restaurants and businesses. “Not only will this be a beautiful development on a very storied piece of land, but the project will be a catalyst for additional investment up and down the boardwalk, which is something that has been elusive over the years,” said Hollywood Mayor Peter Bober. Some locals however, resist change. “We love the way it is now,” said Tromane Tiller, a Hollywood resident. [Miami Herald] [more]

Billionaire Jon Stryker has been confirmed as the buyer of Jimmy
Buffett’s Palm Beach home, according to a source close to Buffett and long-time real estate advisor to the famed singer. Stryker owns
the two properties adjacent to the Buffett’s home at 540 S. Ocean
Boulevard in Palm Beach, which sold for $18.5 million. Stryker
inherited a vast medical-device fortune, and has a wealth estimated at
$1.4 billion by Forbes. [Palm Beach Daily News]

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The Palm Beach home of Jimmy and Jane Buffett has sold for $18.5
million, according to a deed filed in Palm Beach County Circuit Court.
The home is currently appraised by the county at $23.3 million, while
the Buffetts paid $4.4 million for the home at 540 S. Ocean Boulevard
in 1994. The buyer has not been identified. Buffett owns another
property in the town, through a company called Sadeca Realty. The
two-unit multi-family property at 138 Root Trail was purchased in 2002
for $802,000. The estate was originally designed by Marion Sims Wyeth,
until it was remodeled into a British Colonial-style house. [Palm Beach Daily News]

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A unanimous vote by the Hollywood Beach City Commission has selected Jimmy Buffett’s Margaritaville for a $100 million hotel project on a tract of long-debated oceanfront land in the city. The other proposal had been Planet Hollywood hotel, backed by Sylvester Stallone and Bruce Willis. The six-acre property is at the A1A and Johnson Street. Buffett’s proposal had been ranked the best by the city’s advisory panel. The vote means the city and the developers have 90 days to agree on a deal, or the city could turn back to the Planet Hollywood proposal. [Miami Herald] Comments

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Hollywood Beach commissioners will vote tomorrow on two $100 million proposals for new hotels in the city. The projects include Jimmy Buffet’s Margaritaville and Planet Hollywood, backed by Sylvester Stallone and Bruce willis. The approved project would be built on a six-acre tract on Johnson Street and the Boardwalk, the future of which has been debated for almost 25 years. In 2005, commissioners picked the Marriott Ocean Village Project, but the hotel never came to fruition as the downturn caused the developers to quit the plan. The city is also expected to spend $20 million on a new parking garage. [Miami Herald] Comments

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Jorge Perez, chairman and CEO of the Related Group, will join the Miami
Dolphins as a vice chairman at the invitation of team owner Stephen
Ross, his partner in the development firm. Perez may also take a
minority ownership stake. Other celebrity vice chairs include Jimmy
Buffett and Emilio and Gloria Estefan. The Estefans also became
minority owners, with a less than 1 percent stake in the team. [more]