The project will redevelop about 22 acres including the old Sea Gun Sports Inn property.
It is a joint venture partnership between Brett Bohn of Houston-based Lakeland Development Company and David Pilgrim and Alan Latham of Aransas Bay Interest. Pilgrim and Latham are the current property owners.
John Howard Mills first built his family's compound on the property with several cottages and a fishing and hunting camp in 1933. In 1960, the family sold the property to Dallas entrepreneur Toddie Lee Wynn, said Mills' grandson and current Aransas County Judge Burt Mills Jr.
At its peak in the 1960s and 1970s, Wynn's Sea Gun Sports Inn attracted a variety of fishing and hunting enthusiasts from tourists to Hollywood movie stars and politicians. The complex included an upscale restaurant, additional cottages, fishing charter services, private duck blinds, a marina, swimming pool and tennis courts.
The Sea Gun hotel and restaurant, which will be demolished, have been out of use for nearly a decade.
But Bohn, who owns Key Allegro Yacht Club and Key Allegro Real Estate Company, said the property once again will flourish with activity.
"We want to bring a first class project to the area and reinstate that status," said Bohn, who lives in Rockport
Plans include creating a private gated enclave with 15 waterfront lots for single family homes, 50 town homes with individual boat slips, 100 condominium units, a 165-slip marina and Harbormaster building.
"We have not decided to include a (boutique resort) hotel," Bohn said. "We're still considering that."
The Lamar Peninsula project is another in a recent boom of upscale residential development in Aransas County. Last month, a luxury townhouse development project began in Rockport. The $41 million development named La Salle will include 80 town homes with optional elevators and other high-dollar amenities. That project is expected to be completed by the end of this month.
"Our industry is basically residential home sales," said Diane Probst, president and CEO of Rockport-Fulton Area Chamber of Commerce. "It's going to benefit the entire area."
The peninsula, which is connected to the Rockport-Fulton area by the Copano Bay Causeway, is not incorporated and does not fall into any city's jurisdiction. For that reason, developers were not required to seek approval from nearby planning and zoning committees and city councils, Mills said.
"They're thinking ahead and they're not going to build some shabby place," Mills said, adding that county commissioners approve of the project.
County officials have not yet estimated the potential amount of tax revenue the Sea Gun development will generate but it is certain to have a dramatic effect, Mills said.
"We're thrilled with it," Mills said. "It's a beautiful location and once it gets going on the tax roll it'll be wonderful."
The Sea Gun project will likely be completed in three to five years, Bohn said.
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