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Margaritaville targeting 2023 opening on Beach

By NATHAN MAYBERG - | Oct 1, 2020

In an unsigned message posted by the Margaritaville Resort Fort Myers Beach Facebook page on Thursday, it was stated that the TPI-backed project was expecting a “financing term sheet” this past Friday with hopes that construction could start sometime in early 2021 as part of a two-year construction process.

According to the post, closing on financing and construction costs could take about three months before construction could begin. Once that is in place and the company closes on building permits, “best guess is a construction start mid to late winter,” according to the page.

Reached by phone on Friday, TPI Chairman Tom Torgerson declined to comment on the project or the financing term sheet the company was said to be expecting Friday.

A statement on its Facebook page read, “over two years of legal battles has pushed the project start smack dab into the midst of the Covid-19 financial crisis. It is well known that airlines, hotels and large entertainment venues have seen their business plummet to levels not previously imaginable. In spite of this we are anticipating a project financing term sheet this Friday. With acceptable financing in place, we will be in a place where it is time to bid the construction of the hotel.”

The Facebook page also referred to its off-island workforce housing project off Pine Ridge Road, off San Carlos Boulevard in Fort Myers near Walmart.

The county has given approval for a 150-unit affordable housing project on the 14.97-acre wooded site. The developers have reached out to the county for financing assistance to keep the rents low, according to the posting from TPI. There would also be a 75-space commercial parking lot, a private bus stop and covered shelter, public transit stop, pool and sidewalk.

“Our off-island workforce housing project has gained good momentum. We teamed up with Allan Development led by Scott Allan. They bring to the table good expertise in workforce housing. The concept has evolved to 24 six plex’s on 7-1/2 acres with a Key West architecture. Each rental unit will have two bedrooms, large shared bathroom, living room, kitchen and exterior balcony with private street side entrance and parking. Common areas will include a swimming pool, BBQ and pet areas. The buildings are all designed as masonry construction. As a part of this development there will be additional parking for Margaritaville employees and a shuttle for employees, and tenants of the housing project, to and from FMB. We are currently approaching Lee County for some financing assistance to allow for rents to be as low as is possible.

“As we hit major milestones, we will advance those updates. Big ones such as financing, construction bids and permits, all leading up to construction start.

“Thank you for your support through this long drawn out process. We are now approaching our sixth-year anniversary, hard to believe!”