Above, looking west at Hollywood City Hall, where Tuesday night's very important Hollywood CRA meeting will be held at 6 p.m. September 20, 2011 photo by South Beach Hoosier. © 2012 Hallandale Beach Blog, All Rights Reserved.re Margaritaville Hollywood Beach Resort - Sara Case of Hollywood's Balance Sheet Blog weighs in on the plausible merits of the City of Hollywood CRA's plan to increase their stake in the project on Johnson Street from $10 million to $23 million; Starwood Capital jumps on board, but why now?
Hollywood residents in need of tax and fee reductions and City employees in need of salary increases …Time to Pay Attention!
As we all know by now, the Margaritaville project has been unable to secure funding from foreign investors as the original plan required. So now we have a new proposal in which the CRA is to give the developer $23 million for construction financing. When I learned of this plan, I initially opposed it as one more boondoggle — a massive developer subsidy like Radius, Hollywood Station, WSG, Great Southern, and Block 55, to name a few.
Margaritaville — the $130 million beach resort Hollywood city leaders have been dreaming about for years — has a new funding source: Starwood Capital, the investment group which once financed high-end hotels such as the St. Regis, W, Westin and Sheratons around the globe.
“We now have the necessary funds to complete the project,” developer Lon Tabatchnik said Thursday. “This is what we were waiting for.”
March 21, 2012 CNBC video: Maria Bartiromo interviews Starwood Capital's CEO Barry Sternlicht.