The Gulf Coast Investment Developers, along with other project members, presented their plans Wednesday afternoon to the Biloxi Planning Commission.
These plans include 375 units of condominiums which will be operated as a hotel, or condo-tel, which would give individual investors the opportunity to purchase a condominium.
"They then have the ability but not the right to put their condominium into a rental pool for a daily, weekly, or monthly basis. We anticipate that the majority of these purchasers will be investors. By doing so, they are expected to rent their units out on a daily basis to recoup a tremendous return on their investment," said GCID president Mike Boudreaux.
The future Ocean Beach Club will eventually replace the Broadwater Tower Hotel, which was sold earlier this year.
Developers described the new project as a high end resort facility, which will include a lazy river, swimming pools, and a restaurant they say will redefine what fine dining is all about.
"Biloxi is booming, no question about it. The continuation of the gaming is increasingly bringing more development to the coast. Condominiums are being built rapidly right now because of the need of water related properties and the low interest rates so it's a good time," said Boudreaux.
And now that developers have commission approval for their plans, they're ready to put those plans into action.
Mike Boudreaux says this will be a three to five year project once construction begins.