Crews demolish old Marina Towers boat house that was damaged by Hurricane Irma in Melbourne
MELBOURNE — An Ocoee developer has finalized the $2 million purchase of the former Coral Bay Restaurant-Intracoastal Marina property on U.S. 1, with plans to build a seven-story resort hotel, three restaurants and an 81-slip marina.
River Walk Marina Partners, LLC closed on the deal Friday afternoon after months of due diligence and negotiations with their prospective tenants. The city of Melbourne has owned the vacant property since 2013.
“We’re really pleased to close the transaction and put that property back in the hands of a private owner, and get it on the way to development,” City Manager Mike McNees said.
“He’s got a great concept for the hotel and the other uses there. He seems very enthusiastic about developing in Melbourne. And we’re excited about it,” McNees said.
Plans call for construction of a roughly 100-room riverfront hotel, a 7,000-square-foot national chain restaurant, two 2,500-square-foot restaurants, and an Indian River Lagoon marina operated by a partner company. Projected investment: $25 million to $30 million.
Article by Rick Neale, Florida Today, Complete Article [ HERE ]