Yahoo Finance It's Five O'Clock Somewhere! Margaritaville Turns 6 This Year As One of the Hot Spots For Retirees To Unwind
According to Yahoo Finance, the average American will spend at least 40 years of their life working before they reach retirement. This means that by the time retirement finally rolls in, they're ready to relax and bask in those golden years. A retirement community in Florida that is a hot spot for retirees looking to relax is celebrating its 6th birthday.
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In 2018, Jimmy Buffett, the singer known for his Beach Boys-style music and owner of the Margaritaville restaurants and resort chain, opened the company's first Margaritaville-themed retirement community in Florida. The company's name was inspired by Buffett's hit song, "Margaritaville." In 2023, Forbes announced Buffett's 28% stake in the hospitality company was estimated at $180 million, according to Business Insider. Buffett founded Margaritaville in 1985 with the opening of his first restaurant in Key West, Florida. The company grew, and Margaritaville restaurants popped up across the country. The first Margaritaville hotel opened in 2010 at Florida's Pensacola Beach and continued to expand across the country in places like Hollywood, South Carolina and New York City's Times Square.
At the time of founding the retirement community, Margaritaville partnered with Minto Communities, a development and building company in Florida. The retirement community was named Latitude Margaritaville, possibly inspired by Buffett's 1977 album, "Changes in Latitudes, Changes in Attitudes." At the time of its founding, Bill Bullock, a senior vice president of Minto Communities, told ABC News that the retirement community wanted to keep its housing prices low, starting from $200,000. Bullock revealed, "It was very important to us to make this as obtainable as possible," and added, "We have over 10,000 registrations in two weeks. It's just been amazing." This number is still impressive as this year, there are more than 550,000 prospective homebuyers registered as Latitude Margaritaville Paradise Club members. In addition, the retirement community has a number of finance and loan programs for retirees interested in living in the community.
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CEO of Margaritaville, John Cohlan, told the Orlando Sentinel that this retirement community allows senior residents to "live the Margaritaville lifestyle as they grow older, but not up." Since opening in 2018, the retirement community has won multiple awards. In May this year, Builder magazine recognized Minto Communities USA, which Latitude Margaritaville is a part of, among the top 100 builders in the country.
So, what makes this retirement community such a hot spot when you have options like The Villages?
While the Villages is one of the biggest retirement communities in Florida, with over 130,000 residents, overcrowding can be unpleasant. Latitude Margaritaville, which has plans for only 7,000 homes, is a quieter option with a closer-knit community feel. The retirement community was inspired by Buffett's lifestyle and provides adults 55 years and up with good "food, fun, music and escapism."
For retirees looking to fill their days with their favorite hobbies, Latitude Margaritaville offers access to the Latitude Town Square, a theater for dancing, tennis and pickleball courts, and a business center. In true Florida retirement living, the retirement community also has its own private beach club with a private shuttle to and from the club.
Since the opening of the first community six years ago, Latitude Margaritaville has expanded to two other locations: one in Hilton Head, South Carolina, and another in Watersound, Florida. Bullock once told ABC News, "It's going to be a very fun place," and six years later, this is certainly the case.
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This article It's Five O'Clock Somewhere! Margaritaville Turns 6 This Year As One of the Hot Spots For Retirees To Unwind originally appeared on Benzinga.com
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