The city planned to acquire the waterfront property-including more than 115 residences-from current
owners.They would then sell the property to private developers and this sale is part of an
economic development plan to benefit the public.The homes would be torn down and replaced with
restaurants, retail stores, offices, a hotel, other commercial ventures, and new residences.City leaders
hoped the new waterfront area would attract tourists, create new jobs, and increase tax revenue.