Florida Construction News staff writer
Developers have announced plans to build a Margaritaville-branded resort in the Beachwalk development in St. Johns County.
Beachwalk Retail Center LLC, a partnership between PEBB Enterprises and Falcone Group, says it will add a 130-room resort named COMPASS by Margaritaville at Beachwalk – on the site of the 14-acre Crystal Lagoon.
Construction is expected to begin in the first quarter of 2023, with an estimated completion by Q2 2024.
Beachwalk’s 348-unit multifamily luxury apartment complex is scheduled to open by the end of 2022.
“We could not have picked a better brand — and joint venture partner — for PEBB’s first ground-up hotel development,” PEBB President and CEO Ian Weiner said. “Our venture is confident that Margaritaville will become the preferred hotel option for visitors to St. Johns County and Jacksonville.”
The overall development includes 170,000 square feet of new retail and restaurants. PEBB and Falcone recently finalized leases with Bagels R Us, Island Fin Poke and The Covery to join a roster of tenants at the 47-acre northern portion of the project surrounding the Crystal Lagoon.
“Beachwalk is the ideal project to grow our relationship with the Margaritaville brand,” Falcone Group Chairman and CEO Art Falcone said. “The hotel rounds out what will be a dynamic, self-contained destination for area residents, professionals and visitors to enjoy year-round.”
The Beachwalk site was originally acquired by PEBB and Falcone Group in March 2021.
“Margaritaville will further enhance our entire mixed-use project, particularly the retailers and food-and-beverage operators around the Crystal Lagoon,” PEBB Chief Investment Officer Eric Hochman said. “We already have a tremendous amount of interest in the remaining lagoon pads and outparcels, and this news will undoubtedly take that interest to the next level.”