Lofton Island is a small, exclusive island at 9.3 acres located on Ft. Myer’s riverfront. It has been underdeveloped for years, but Steve Israel bought it for $783,000 with the plan to build a beach atmosphere.

“We are building a Margaritaville hotel there… a Compass by Margaritaville hotel and a restaurant and a pool and about 50 boat slips over there,” Israel said.

One of the developers told NBC2 that they have an acre and a half of land on West First Street, next to Centennial Park and that’s where they will build the hotel.

On the island, there will also be cottages, an event, and a wedding venue.

Israel also says they are in the permit stages but soon everyone who works and plays in Downtown Fort Myers will have full access to what is across the water.