"We have completed a majority of the necessary studies required by the U.S. Army Corps of Engineers and by the city," says Varallo. We are in the process of submitting formal applications for our PUD and zoning requirements."

Situated on an undeveloped parcel along the east bank of Mill Creek, the project's residential component will include 175 waterfront "villas," with prices starting at $500,000 for a two-bedroom, two-bath unit. Villas range in size from 2,035 sf to more than 3,500 sf for the two-story, three-bedroom, three-bath penthouse. Groundbreaking on the housing project is scheduled for summer with move-ins expected to begin next year.

A 14-acre harbor featuring a 225-slip marina will be constructed adjacent to the villas and will accommodate boats up to 110 feet in length. A transient dock will have room for up to 30 boats, and a harbor walk, fueling station, ship's store, pools, tennis courts, exercise rooms, marina management office, restaurant and commercial space will fill out the complex.