Lost Shaker of Salt in … Orlando?
- Aug 17, 2015
For all that money, there must be a salt shaker or several in there somewhere. Encore Capital Management and Margaritaville Holdings L.L.C. will develop a multifaceted Margaritaville-branded resort community in Orlando, the two companies announced last week.
The resort will run $300 million to $400 million in buildout cost, Jim Bagley, managing director of Encore Capital Management, told Commercial Property Executive.
The 300-acre project will be on U.S. 192 near State Road 429 in western Osceola County and will feature a 175- to 300-key hotel, 700 to 1,000 units of vacation homes, a 3-acre-plus “water amenity” and lake with beach area. The resort will also feature 170,000 square feet of retail, a regional water park, a “FinCity” arcade, a St. Somewhere Spa, a planetarium, the Son of a Sailor fishing school, paddleboarding and kayaking.
In addition to the hotel, Encore will separately be developing its own proprietary brands for food and beverage outlets, which will be owned and operated independently by Encore or its subsidiaries.
Site preparation has begun, according to Bagley, and construction will go vertical in the third quarter of next year.
Encore Capital Management is a diversified, vertically integrated real estate investment and development firm based in Florida and California. It invests in distressed and opportunistic properties, multi-family apartments, large master-planned residential and resort communities, and urban infill projects.
The Margaritaville brand, “inspired by the lyrics and lifestyle of singer, songwriter and author Jimmy Buffett,” includes consumer products (such as apparel, footwear, home décor, and beverage and spirits lines), Radio Margaritaville on Sirius/XM, restaurants, retail shops, hotels, and resorts.