A group of investors, led by APD Solutions, has presented a proposal to Riviera Beach for a potential collaboration on the development of a Margaritaville resort at Marina Village. According to reports from the S. Florida Business Chronicle, the developers envision a 150-room hotel and 16,600 square feet of restaurant space along with an 875-space parking garage.
Under this plan, the city would receive $250,000 annually for five years from the developers in addition to either $312,000 or 5% of effective gross income thereafter. The construction costs for the parking garage are estimated at $35 million and will be fully funded by the developers without any rent payments due to be paid back to them by city officials. Furthermore,the developers have requested that their portion of property taxes related specificallytothe hotel and parking garage be waived entirely.Additionally,the management responsibilitiesforthe marina’s event center would also fall under their purview as they intend on upgrading it so that it can accommodate functions held withinthehotel.
This proposed project is one among two dozen other Margaritaville resorts located aroundtheworld.Riviera Beach is currently considering this opportunity with great interest as they weigh its potential benefits against possible drawbacks.
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