Melbourne Mayor Paul Alfrey provided the following update on the Margaritaville Development
“I wanted to share some information that I received during a call with the Margaritaville Development team today.
The project is still a go! The development team has been doing some value engineering, (a systematic and organized approach to providing the necessary functions in a project at the lowest cost), as well as securing outside funding to counter the massive cost escalation. Originally the project was estimated to cost $50 million dollars and the development team is expecting the cost now to be approximately $100-$120 million dollars.
As Melbourne was named the 15th best place to live in the nation by a 2023 U.S. News and World Report, the development team still believes in the project and Melbourne despite the cost escalation. It should be noted that the developer lives local and near the project. To this point the developer has not asked the City for ANY tax rebate or assistance.
What is the holdup? Interest rates!
The development team has been waiting for interest rates to come down however they really have not. Their team is now weighing their option of a couple of outside financing partners to get work back underway.
Also an option to complete the restaurant, parking garage and hotel in multiple phases has been rejected as it would increase costs approximately 5 million dollars.
I want to thank the development team for their commitment to the project and our residents for their patience. Once I receive more information I will provide the update as we move forward.”
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