Deep Water Cay is a sport fishing destination.

The owner of Deep Water Cay, a private island 120 miles east of Palm Beach, is offering dozens of oceanfront lots for residential construction. The hotel group within brokerage firm Colliers International is marketing the Deep Water Cay offering.

Seven episodes of a cable television fishing series on the Outdoor Channel featured Deep Water Cay, a popular sport fishing destination among business executives and celebrities. The property, located in the heart of a proposed marine preserve, has 2.5 miles of unspoiled beachfront.

Deep Water Cay is accessible by boats and yachts as well as a high-speed ferry service from Fort Lauderdale, by ground transport from Grand Bahama International Airport, and by private aircraft that can land on the resort’s 4,200-foot runway.

In 2009, Deep Water Cay Holdings, Ltd., acquired the 91-acre island and its boutique fishing lodge resort and has since spent $18 million on upgrades to the resort. The island’s owner also has created a master plan for development and has “approvals in principle” for construction of 68 resort units, 23 custom-built residences, 20 over-water bungalows and an expansion of the runway.

“Key approvals in principle are in place and a heads of agreement is being finalized that will allow the transfer of these approvals to new ownership,” Kent Schwarz of Colliers International Hotels said in a written statement. Schwarz is marketing the property with South Florida broker Rich Lillis of Colliers International.

From The Real Deal Miami