Finance & DevelopmentDevelopmentPEBB Enterprises and Falcone Group Plan COMPASS by Margaritaville Development

PEBB Enterprises and Falcone Group Plan COMPASS by Margaritaville Development

JACKSONVILLE, Florida—Beachwalk Retail Center LLC, a partnership between PEBB Enterprises and Falcone Group, is bringing the Margaritaville brand to its Beachwalk project near Jacksonville. The venture plans to develop a 130-key COMPASS by Margaritaville select-service hotel fronting Beachwalk’s 14-acre Crystal Lagoon.

Construction of the Margaritaville hotel is expected to begin in the first quarter of 2023, with estimated completion by Q2 2024. The hotel will serve as a complement to Beachwalk’s residential, commercial, and educational components. Beachwalk’s 348-unit multifamily 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 COMPASS by Margaritaville at Beachwalk is Falcone’s second Margaritaville-branded hotel development. Its 186-key Margaritaville Orlando Resort Hotel has produced occupancy and visitor satisfaction. Falcone is expanding the Orlando resort with 75 additional rooms to accommodate guest demand.

“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 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 14-acre Crystal Lagoon. Other tenants include Whiskey Joes, Fysh Bar & Grill, Noire Nail Bar, F45 Fitness, BurgerFi, Supercuts, Kilwins, Cold Stone Creamery, Fancy Sushi, Keller Williams, Peterbrooke Chocolatier, Merlino Chiropractic, and a Union 76 Daybreak Market.

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 out parcels, and this news will undoubtedly take that interest to the next level.”

PEBB also developed the Shoppes at Beachwalk retail center across the street from Beachwalk. The company sold the center to Publix Super Markets in February 2022.