Orlando will be the home of Florida's third Margaritaville Resort, developer Encore Capital Management and Margaritaville Holdings announced Wednesday.

The 300-acre development will consist of a hotel, vacation homes, 170,000 square feet of retail space and a water park. Amenities at the resort, which celebrates the laid-back lifestyle portrayed in the music of Jimmy Buffett, will include a lake with a beach, a fishing school, a spa, a planetarium and the Fin City arcade.

It will be located on US Highway 192 near State Road 429, near Disney's Animal Kingdom.

The resort will join the Margaritaville Beach Hotel in Pensacola and the soon-to-open Margaritaville Hollywood Beach Resort near Fort Lauderdale. It will be located in the western portion of the greater Orlando area, slightly southwest of Disney World.

Construction is due to start in 2016.

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