A Florida developer has bought the Intracoastal Marina for $2 million from the city of Melbourne. According to a FloridaToday.com story, River Walk Marina Partners closed on the deal last week. The city of Melbourne purchased the vacant property for $1.75 million in 2013, two years after it was devastated by Hurricane Frances and Hurricane Jeanne.
"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 told the paper.
The plans call for the construction of an 81-slip marina, 100-room riverfront hotel and three restaurants. The site encompasses three parcels totaling 4.4 acres of upland and 2.7 acres of leased submerged land.
The Melbourne City Council authorized the $2 million sale to River Walk Marina Partners last September.