Six years ago the Colony Tennis Club and Resort was closed down due to financial problems. The property and the buildings on it sat vacant until this week.
"It's an eyesore and it has a negative connotation in the community," said resident Paul Black.
Black thought it was good news to hear that Orlando based Unicorp Developments has taken over the property. The group plans to build a five start hotel and condos on the property.
"Our goal is to create a new place and have it be a world class destination," said developer Chuck Whittall.
Whittall said it will be a $1-billion project. They will also hire three-hundred permanent employees.
Some Longboat Key residents worry about the project adding more traffic. Developers said they plan to offer free trolley service for guests.
Demolition begins on the current buildings this week. The project is slated to be done in December 2019.