As we reported last week, the team at TPI was expecting a financing term sheet to fund the construction that will lead to the Margaritaville project on Fort Myers Beach. That term sheet was received and the two sides are now negotiating.
If that financing is acceptable, TPI will begin bidding out the construction of the project. Closing on financing and finalizing construction costs and contracts typically takes about three months on a project of this scale. At the same time TPI will be finalizing its final building permits.
Construction of the hotel is expected to take about 25 months so that will include two of the beach’s busy seasons.
TPI is estimating shovels in the ground early next year.
The Margaritaville Resort Fort Myers Beach will have 254 rooms, with 224 on the bay side of Estero Boulevard and 30 on the beach side, with a beach club on the water, four restaurants, a ballroom, spa, ground floor parking and related amenities, including a publicly accessible pedestrian walkover near Estero Blvd & Crescent Street. There will also be a 43,000 square foot elevated terrace overlooking Crescent Beach Park and Times Square.