Hollywood Margaritaville developer to request another extension

Miami /
Apr.April 02, 2013 01:00 PM

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


Related Articles

arrow_forward_ios
Rose Harris and Chris Conklin
Movers & Shakers: Walker & Dunlop broker Chris Conklin joins NorthMarq & more
Movers & Shakers: Walker & Dunlop broker Chris Conklin joins NorthMarq & more
23 Tahiti Beach Island Road and 4965 Southwest 82nd Street
Cuban coffee mogul trades waterfront Tahiti Beach mansion for Ponce-Davis estate
Cuban coffee mogul trades waterfront Tahiti Beach mansion for Ponce-Davis estate
Dave Folsom, president & CEO of Sotherly Hotels, and the DoubleTree Resort by Hilton Hollywood Beach at 4000 South Ocean Drive (Credit: Google Maps)
Hollywood DoubleTree’s $59M CMBS loan enters special servicing
Hollywood DoubleTree’s $59M CMBS loan enters special servicing
Kevin R. Kreutzfeld of Premier Estate Properties and 1408 West Lake Drive
Waterfront home in Fort Lauderdale’s Harbor Beach sells for $11M
Waterfront home in Fort Lauderdale’s Harbor Beach sells for $11M
3621 South Ocean and Corcoran's Jennifer Kilpatrick
Sean Posner, partners sell new Highland Beach townhouses for $12M
Sean Posner, partners sell new Highland Beach townhouses for $12M
Integra Investments’s Victor Ballestas and Artsquare at Hallandale Beach
Integra scores $68M refi for Artsquare at Hallandale Beach
Integra scores $68M refi for Artsquare at Hallandale Beach
Gulfstream Park and Stronach Group CEO Craig Fravel 
Gulfstream Park bets on $20M renovation
Gulfstream Park bets on $20M renovation
Daily Digest Miami
LVMH in early talks to buy Tiffany for $16B, Riviera Beach residents being evicted
LVMH in early talks to buy Tiffany for $16B, Riviera Beach residents being evicted
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...