Crazy Horse Marina for sale

Crazy Horse Marina and the surrounding property is on the market. Owner Coy Cooper said he bought the property in 2005 and had it rezoned for commercial and residential development. He planned to build Blackwater Harbor, a mixed-use development, he said.

"Everything was going really good," said Cooper. "Then the economy started slowing up in 2007."

Now, Cooper is looking to sell the property and spend more time with his family. At 66 years old, he said he doesn't want to spend his later years working 12-hour days developing the property.

Cooper has listed the 45-acre property for $8.5 million with agents Vicki Millehan and Jane Sullivan Horne, down from a $13 million contract that went sour in 2007.

Forty acres are zoned for residential planned development, with a site plan approved by the Franklin County Board of Supervisors for 90 condominium units, 30 town homes and six single-family homes. The remaining five acres are zoned for B-2 commercial.

Cooper said the county approved the condominium units for short-term rentals, uncommon in Franklin County. The site plan also includes amenities such as hiking trails, a swimming pool, recreation areas and a clubhouse.

The site plan is good through December 2012 and all the permits have been filed, which would allow a buyer to develop it quicker than a raw piece of land, said Cooper.

"They could start working on it tomorrow," he said.

However, if the buyer wanted to change the site plan, the buyer would have to go back through the planning process, which can take months, said Cooper.

All 45 acres are above the 800-foot contour. An additional 20 acres are underwater.

The property includes the marina, which is leased. It sells gasoline and features a general store, and 195 boat slips. Wet Connection, a watercraft rental business, also leases space at the property. It also includes the restaurant space currently leased by Mexico Viejo. Cooper said all the tenants plan to stay on through the sale.