Unparalleled development opportunity with this prime 1.87-acre waterfront parcel, ideally situated in historic downtown Fort Walton Beach. This exceptional property boasts 228 feet of deep-water frontage directly on the Intercoastal Waterway, making it perfect for a variety of development projects including a hotel, dry water boat storage, or RV park. Located just before the bridge to Okaloosa Island, this parcel offers immediate access to several restaurants and is minutes by water to the renowned East Pass in Destin. With its prime location and significant waterfront, this site is poised to become a landmark destination. Owner is open to owner financing and a long-term ground lease.