The brand new owners of the washed out Tierra Verde Resort are now planning on rebuilding the area. Part of their building plans are renovating the existing seawall, docks and marina, as well as adding a swimming pool, a 10,000-square foot restaurant and a 100-room hotel.

Tierra Verde Marina Resort LLC bought the area for around $14.4 million. The resort consists of 10 acres and sits in the marina area of St. Petersburg city. The property was annexed back in 2008 in a move that proved to be of much controversy involving former mayor Rick Baker.

Co-investor Gary Boesch was quoted as saying that "the sight always has been a landmark for people going from the Panhandle to Key West. It's an easy place to get in and out." Boesch adds that his group understands the marina business very well and is confident that they can make the business work.