The old Coral Bay Restaurant property on US 1 in Melbourne will be developed into a seven-story resort hotel with a national chain restaurant (possibly Bahama Breeze) that will have an outdoor dining area. There will also be two smaller restaurants (possibly Chipotle and Starbucks) and an 81-slip marina.
This new project will be called the Riverwalk Marina complex with a projected cost of between $25 million to $30 million. The project will also create more than 150 jobs.
The Melbourne City Council unanimously decided to sell the site to the developer, River Walk Marina Partners LLC, for $2 million.The deal is still not final as the buyer has a 90 day inspection period on the site. In the mean time, the city is having the site demo'd at a cost of over $86,000 due to recent damage by Hurricane Irma.
This is an artists rendering of the new project.
The new hotel will have approximately 100 rooms. Corporate functions and weddings would be a major part of the hotels business. Increased traffic into Melbourne International Airport and new business at the airport was sited as a main component in the decision to develop the site.
A separate company would operate the marina and boat slips.
So here's to Melbourne's newest waterfront project, I am excited!
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Posted By: Kerry Klun - 321-626-5868