US 1 Marina Site in Melbourne Sparks Ideas

City leaders envision the former Coral Bay Restaurant-Intercoastal Marina as a signature site offering public docking and a mixture of commercial uses – not a large hotel or private condominium complex.

The city bought the abandoned US 1 “Marina Towers” property last December for $1.375 million as a future development target. A $359,000 Florida Inland Navigational District grant has defrayed the purchase price. Anecdotally, the site would fetch more than $2 million today on the market, Deputy City Manager Shannon Lewis said.

Read the full story on Florida Today.