Officials consider plans to turn Las Olas Marina into multimillion-dollar hotel and marina resort
A private developer wants to turn Las Olas Marina into a $200 million premier hotel and marina resort.
Plans include a 110-foot, 220-room hotel on the north side of Las Olas with street-level shops. There will also be a four-story parking garage on the south side of the bridge with restaurant and office spaces, and an expansion to the marina with 106 mooring slips providing 50 percent more space.
The problem is that the Las Olas Marina and its adjacent public parking lot are city-owned and the plan will cost the city $20 million.
Although it would be ideal to provide more space for megayachts and attract more boaters to the city, city officials have rejected earlier proposals because of the high costs. However, the development team promises the city will receive returns of at least $5.3 million annually after three years, according to the Sun Sentinel.
It isn’t clear where the city would find its share of money, but the project would hit two critical areas involving beach redevelopment: the marine industry and tourism.
However, some are concerned that the project would take away from the initial plan to turn the parking lot into a public green space and that it will also take away the needed staging area for the annual boat show. Traffic problems are also a concern.
The proposal comes as the city is trying to put the final details together for its beach redevelopment plans, using $78.9 million in tax-generated redevelopment dollars. Officials estimate they have $160.7 million worth of proposed projects and still fall about $53 million short when other revenue sources are considered, according to the Sun Sentinel.