If you've been searching for that mythical utopia known as Margaritaville, it's found a home in Alabama.

A Margaritaville hotel is coming to Town Madison in metro Huntsville, developers announced on Friday afternoon.

The hotel - inspired by the iconic Jimmy Buffett song and state of mind - will have 150 rooms and be adjacent to the new minor league baseball stadium under construction at the sprawling, 563-acre Town Madison development off I-565 in Madison.

It's the first Margaritaville project in Alabama.

Breland Companies, developers of Town Madison, said in the announcement Friday that the full-service hotel will "boast several signature food and beverage concepts, a Margaritaville-branded retail store, a water park and more."

Chance Partners LLC will develop the hotel project.

"We are proud to bring the Margaritaville lifestyle of fun and relaxation to Town Madison," Chance President & CEO Judd Bobilin said in the announcement. "We see this as a great opportunity to integrate the Margaritaville experience into an exciting mixed-used project and with a state-of-the-art baseball stadium."

The hotel is scheduled to break ground late this year and open in 2020.

"Once complete, guests will enjoy multiple Margaritaville branded food and beverage concepts," the announcement said. "Additional amenities will include approximately 3,000 square feet of meeting space, a retail store, and a water park with a lazy river and sand volleyball court."

Madison Mayor Paul Finley praised the project.

"This is a huge win for our City," Finley said in the announcement. "Margaritaville is an international brand known for high-quality and fun projects. Not only will this hotel attract guests from across the region, but it will add multiple new dining and entertainment options for Madison residents."

With more than two miles of frontage on I-565, Town Madison is a regional mixed use development that will soon be home to over 1 million square feet of new retail, restaurant and entertainment venues as well as 700,000 square feet of office space and 700 new hotel rooms.

More than $200 million in new projects have now been announced or broken ground in Town Madison including a multi-use minor league baseball stadium, Home2Suites hotel, 280 units of luxury apartments and 300 single family residential homes along with Town Center retail and office opportunities following a New Urbanist design by DPZ Partners and Andres Duany.