Mayor Says Margaritaville Still Coming To Melbourne, But Difficult Economic Times Causing Delay

Despite facing rising costs and construction delays, something not all that unfamiliar just about everywhere during these trying economic times, Mayor Paul Alfrey says Margaritaville’s development in Melbourne is still moving forward. The project, situated on a 4.6-acre riverfront site, has faced interruptions due to escalating interest rates, now pushing projected costs to $100 to $120 million from an initial $50 million estimate. Alfrey says the developers are exploring new financing options to restart construction, while scrapping plans for phased development to control costs. Timelines remain uncertain however. Plans for the resort include a hotel, restaurant, marina, concert venue, and more.