The developer behind the proposed Margaritaville Hollywood Beach Resort is facing a challenge raising money among Chinese investors, as initially planned.
Hollywood developer Lon Tabatchnick has until Tuesday to come up with the financing to fund the estimated $133 million construction job. Now, Tabatchnick is asking the City of Hollywood, which owns the land, to amend their development agreement and ground lease to increase the Hollywood Community Redevelopment Agency’s financial participation in the 360-room resort. He would also increase his equity in the project. By increasing his equity and the CRA’s funds, he won’t have to wait for more of the slow-to-arrive Chinese capital to start the project. The developer is scheduled to start construction in July if he gets the financing in place.
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