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Mayor gives timeline and financial update on Nassau Bay Margaritaville (Compass by Margaritaville) project
Summary
Mayor provided a detailed update on the Nassau Bay Margaritaville (Compass by Margaritaville) hotel renovation: the project is 3–4 months behind schedule, expected hotel closure July 1 for a roughly 12-month renovation, with staff citing roughly $2 million in on-hand cash and projections of a $5 million repayment plus an additional $5.7 million from monetization to the city.
The mayor provided a council and public update on the Margaritaville (Compass by Margaritaville) redevelopment project, outlining schedule, funding and oversight by the city.
City officials said the project is roughly three to four months behind the original schedule because the hotel scope expanded (additional restaurants and a separate building), requiring additional engineering and…
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