Lake Mary, FL investor Thomas Krug has signed an agreement in principle to buy the tract for $3 million or $50,000 per acre ($1.15 per sf). Krug plans to develop a marina, motel, restaurant, boat retail outlet, boat-storage facility, a dive shop, bait-and-tackle shop, tiki bar and playground on the site, according to conceptual plans filed with Volusia County.
The county previously had unsuccessfully contracted to sell or lease the land to other developers. Volusia bought the tract for $3 million in 1998 and had planned to develop a marine industrial park. Tepid demand for the project from boat manufacturers, however, killed the venture.
This time around, the county is demanding a $25,000 non-refundable down payment on the land purchase from Krug before the deal is done. If Krug can't obtain all of the needed development permits by a specified date, the county keeps the $25,000.
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