The Real Deal Miami

Hollywood Margaritaville developer to request another extension

April 02, 2013 01:00PM

Margaritaville project rendering

Lojeta Group, the developer of the Margaritaville Hollywood Resort, is slated to request another extension from the city, the Hollywood Margaritaville Blog reported. Though the Hollywood City Manager told the blog that the developer has made progress on the $130 million hotel and restaurant project at Johnson Street and A1A, unanticipated delays caused the developer to miss several milestones that were to be completed by April 10 in order for construction to begin.

This would be the last extension requested, according to the developers.

As previously reported, this is not the first setback the project has hit. Last May, Lojeta President Lon Tabatchnik was not able to secure all $128 million needed for the large-scale project. Several months later, a new demand from Broward County to define the project’s boundaries was set to add months of extra work.

In July, according to the blog, Hollywood city commissioners agreed to suspend the enforcement of deadlines until a new financing plan and development schedule was put together.

Still, the project proposal has drawn strong investor demand in nearby properties. [Margaritaville Hollywood Blog]Zachary Kussin