Tony Award nominee Christopher Ashley is scheduled to direct the yet-untitled musical, which is promising a world-premiere production in 2017 at a city and venue to be announced.

Buffett, who records with his long-time sidemen the Coral Reefer Band, has amassed a songbook that includes the hits "Come Monday" and "It's Five O'Clock Somewhere," and the albums "License to Chill," "Take the Weather With You," "Havana Daydreamin'," "Changes in Latitudes, Changes in Attitudes" and others.

The song "Margaritaville" tells the story of a man reflecting on his love life as he imbibes the potent tequila-based cocktail.

Buffett issued a press statement, saying, "The idea of turning 'Margaritaville' into a musical has been percolating for quite a while, but finding the right people to tell the right kind of story to go with the right songs from my catalogue took some time. Now we have found our crew and I am happy to sail with them to Margaritaville. It's going to be a fun voyage."

Buffett worked for several years on an original Broadway-aimed musical Carnival, based on Herman Wouk's novel "Don't Stop the Carnival," which had a tryout in Miami in 1997, but did not continue on. He has three best-sellers to his credit, "Tales from Margaritaville," "Where Is Joe Merchant?" and "A Pirate Looks At Fifty."

"As lifelong Buffett fans Mike and I jumped at the opportunity to work together on this project," Garcia said. "Buffett’s music means so much to so many people. It’s a lifestyle. A way of looking at the world. We hope to tap into what Jimmy has created and help bring that fun to the stage."

"Working on this project is like being invited to the best party ever," Ashley said. "Not only is his song catalogue a treasure trove, but we also have his unique spirit to draw upon for inspiration."