Part of the site is currently occupied by a nightclub, which would be demolished to make room for Continental's project. Officials say that Continental is under contract with the owner of the site and the nightclub, the Beninato family, to buy the property. No details of the pending sale have been released.

The focal point of the proposed redevelopment would be a 264-unit, gated, age-restricted residential community. Configured in eight, three- and four-story buildings, it would be made up entirely of two-bedroom units.

Also part of the plan is a 50-slip private marina on the adjoining Cheesequake Creek. The existing nightclub would be replaced by a three-story office building with two floors of office space and ground floor retail.

Pending finalization of the sale of the property and obtaining necessary approvals, Continental officials expect to break ground by the end of next year and initial occupancy in 2006.