It’s been almost a year since Wyndham executives announced plans to transform the old Renaissance Grand Beach Resort into the first ever Margaritaville Vacation Club and, despite some delays, the project officially broke ground Wednesday on St. Thomas.

The resort is the product of a partnership between Wyndham Vacation Ownership and Jimmy Buffett, and is expected to convert the 290 hotel rooms of the old Renaissance Resort in Smith Bay into 262 condominium-style timeshare units. Those units will then be sold as part of Buffett’s Margaritaville franchise.

Wyndham has owned the property since 2003 and has long had plans to renovate it but the onset of the economic recession and a downturn in the real estate market slowed any movement on the project.

Gov. John deJongh Jr. helped kick off the groundbreaking Wednesday but Lindsay Graham, Wyndham Vacation Ownership’s communications manager, said initial renovations started within the past few weeks.

Sales of the units have also begun and Graham said the process is, so far, going as "expected." Like many other timeshare organizations, buyers earn points that can be used throughout the year at different resorts, giving them more vacation opportunities.

The goal is to open by early 2015, executives said during Wednesday’s event.

While the construction is being led by St. Croix-based J. Benton and Associates, the company is also looking for interested contractors and subcontractors to help out, Graham added.

The property consists of 25 acres, according to a Wyndham press release at the time of the Margaritaville announcement. Wyndham is investing $90 million. When completed, the resort is expected to provide 130 jobs.

The resort will be hiring employees for positions from front desk attendants to sales and marketing associates, so residents should keep their eyes peeled for more job opportunities, she said.