MELBOURNE, Fla. – One of the most anticipated developments in Brevard County finally has an update after a couple of years of its construction site remaining dormant.
Five years since plans were drawn up, Margaritaville on the Indian River is still just a vacant lot.
Now, to finally get the resort built, the developer is looking for new investors.
“I get asked the same thing you do - what’s going on with Margaritaville,” Mayor Paul Alfrey told your Melbourne Community Correspondent James Sparvero
Margaritaville could have been finished by now, but two years ago, Alfrey said construction was stalled due to rising costs and high interest rates.
[BELOW: Melbourne mayor says planned Margaritaville resort still a ‘go’ in 2024]
The hotel and parking garage, marina and public boardwalk, and restaurants and concert space were originally expected to cost $50 million.
Now, it’s more than $100 million.
Friday, Sparvero asked Alfrey when the developer might finally get restarted on construction.
“He’s hoping within the next couple of months,” the mayor said.
According to Alfrey, the local developer is talking to potentially the right financial partners who could finally get Margaritaville done.
“How confident are you, if we have to talk again in another two years, that the project would finally be finished then?” Sparvero asked Alfrey.
“Well, I’m hoping if we have that conversation, we’ll be there on the boardwalk. I was expecting me and you to be having a margarita right now,” Alfrey answered.
The mayor’s not the only one looking forward to wasting away in Margaritaville.
Charles Coats remembers when there was a marina and restaurant here more than 20 years ago.
He said he’s disappointed how long building Margaritaville is taking.
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“I’m hoping that it’s back on track and can come through, they could really make it happen,” Coats said. “You can’t ask for a better location.”
Stick with News 6 and ClickOrlando.com for updates if construction finally gets back underway.