This week TPI gave the community a progress report on the Margaritaville Resort project now that the lawsuits are settled and the company is engaged in the financing phase. The one question that’s now on everyone’s mind is…when will the construction begin?
TPI is anticipating a project financing term sheet today. 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.
Construction will also be coordinated with the two other major beach improvement projects: the base of bridge interchange reconstruction and the Times Square renovation.
TPI is estimating shovels in the ground early next year.
TPI-FMB made Application to the Town of FMB in March 2017 following two years of land assemblage and community outreach. The Town’s Local Planning Agency approved it 5 to 2. Next it went on to Town Council, and with modifications, it was approved twice via unanimous vote with the final one occurring May 22, 2018.
The Margaritaville Resort Fort Myers Beach approved by the town council includes 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. And a 43,000 square foot elevated terrace overlooking Crescent Beach Park and Times Square.
There will be three public pedestrian beach accesses and public restrooms.
TPI will also be building a public beach parking lot and donating it to the town. And TPI had also previously donated land to the town for the base of bridge interchange redesign.