The Economic Development
Actual Economic Development Story
In May 2010, a bank foreclosed on a local commercial restaurant property located within the Sebastian CRA, on the Indian River Drive waterfront. This property was ran-down and need of restoration and development.
A small restaurant group approached the City about purchasing the property and restoring it. However, they wanted to expand seating to make the facility economically viable. This required more parking, which was not available on site.
The CRA and Economic Development Departments came up with a plan for “payment in lieu of parking” using City parking areas adjacent to the restaurant property to satisfy zoning requirements. This required a modification of the Land Development Regulations.
By late August 2010, the CRA and the City had approved the modified regulations so that the purchase of the property could proceed.
Restoration began in September 2010 and a grand opening was held in early December. In just over two months, the City of Sebastian moved to help establish a new business and provide valuable jobs for the area.