The city of Melbourne, Florida, has finalized sale of the former Coral Bay Restaurant-Intracoastal Marina property to a developer for US$2 million. River Walk Marina Partners, LLC closed on the deal June 29, with plans for a US$25-30 million project that could create up to 150 jobs.

The 7-acre complex on Florida’s famed Highway US 1, will see a 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.

The city purchased the facility in 2013 for US$1.375 million, after it sat vacant following hurricanes Frances and Jeanne in 2004. Hurricane Irma, late last year, caused extensive damage to the remaining structures on the property, which are being razed. Officials had hoped to retain ownership and lease the land to a developer, but that plan failed earlier this year, according to reports in Florida Today.

A marina has operated on the site as far back as the 1970s, and an operating marina was integral to any sale according to Deputy City Manager Shannon Lewis, who said the city received letters of interest from six parties, offering to buy the property for prices ranging from US$700,000 to US$2.1 million. The latter proposal did not include a marina.

Construction on the marina complex is expected to begin soon.