The developers of the Margaritaville Hollywood Beach Resort have tapped a joint venture between two construction titans to manage the building of the complex, Daily Business Review reported.
Tishman Construction, a subsidiary of publicly-traded management services company AECOM and the company currently overseeing construction of the 1,776-foot-tall One World Trade Center in New York, and Miami-based Coastal Construction Group have banded together to take on the $147 million Starwood development, the newspaper reported, citing statement by a Coastal spokeswoman.
The 845,000-square-foot hotel and entertainment complex that includes a 17-story, 349-room hotel, water park, boat dock and 35,000-square-feet of exhibition space is scheduled to break ground Aug. 22, with completion expected in 2015.
“Tishman is thrilled to be partnering with Coastal in South Florida as we bring our company’s history of success to new regions,” Daniel P. McQuade, chief executive of Tishman Construction and AECOM’s construction services practice, said in a release.
Last month the developers received a $35 million construction loan from Bank of the Ozarks for the project inspired by the music of Jimmy Buffett, as The Real Deal previously reported. [Daily Business Review] — Emily Schmall