A trio of investors, led by APD Solutions have made their pitch to Riviera Beach, to work together on a Margaritaville resort at Marina Village.
The S. Florida Business Chronicle reports the developers hope to build a 150-room hotel, 16,600 square feet of restaurants and an 875-space parking garage.
For the hotel, the developers would pay the city $250,000 per year for the first five years, and then the greater of either: $312,000 or 5% of effective gross income. The developers would fully fund construction of the parking garage for an estimated cost of $35 million, and pay no rent to the city for it. In addition, the developers are seeking a 100% rebate of the town’s portion of property taxes for the hotel and parking garage. They would also take over management of the city’s event center at the marina, which would be upgraded so the hotel could utilize it for functions.
There are two dozen Margaritaville resorts worldwide.