The site, along State Road A1A just north of the town line near the county’s Tracking Station Park, was purchased by the Lutgert Companies, of Naples, for $4.4 million in May 2017.
Indian River County gave the property to the town in 1993 as part of a land swap, and in May 2017, decided not to purchase the land. The county had the right of first refusal on the property.
Twelve oceanfront condominiums and 12 single-family homes are slated for the site, with the development known as Surfsedge at Indian River Shores.
Lutgert representatives and town officials held a ceremonial groundbreaking Wednesday to showcase the property that also will include a 5-foot-wide pathway to the ocean for residents of neighboring communities.
The pathway, on the south side of the property, insures residents will have the same beach access they have had for decades.
