SILVER CREEK — A local developer has big plans to turn the former Hideaway Bay restaurant in the village, destroyed in a fire after sitting vacant for years, into a “world-class destination on the waterfront.”

The Silver Creek-based Adventure Sports Development and Tundo Construction have submitted plans to acquire the 42 Lake Ave. site from the Chautauqua County Land Bank and turn it into luxury cabin rentals and a year-round recreation hub with adventure sport guide services.

The project is estimated to cost about $1.429 million, with $225,000 for acquisition of the property and $669,550 for construction, among other costs.

“The purpose of this project is to create a world-class destination on the waterfront in the village of Silver Creek on a lot that has been vacant for over a decade,” said Kevin Cullen of 42 Lake Erie LLC in his application with the Chautauqua County Industrial Development Agency for financial assistance. Developers are seeking $428,000 in the form of a county IDA Al-Tech loan as well as a $404,000 state grant.

“The project will have tremendous positive impacts on the village and surrounding area,” Cullen said. “Financial assistance is necessary for the financial feasibility of the project. This project will create high-quality jobs and offer programming for four seasons seeking to bring tourists into northern Chautauqua County.”

The application with the IDA notes a Sept. 14 purchase date; if all goes to plan, Cullen hopes to have the project completed in April 2022 and open for business a month later.

A public hearing on the project, originally scheduled for Wednesday, will take place at 10 a.m. Tuesday, July 20, at the Silver Creek Municipal Office board room, 172 Central Ave., Silver Creek.

The land bank’s role in the redevelopment of the former Hideaway Bay site has been ongoing for years. In 2016, the organization agreed to acquire the rundown property where the former Hideaway Bay Restaurant & Lounge had been located after it was originally set for the Chautauqua County Tax Foreclosure Auction.

Gina Paradis, land bank executive director, said after acquiring the property it took officials a year to sort out development restrictions, have it surveyed and to understand what the DEC would allow for redevelopment.

“We had to look at what the site could accommodate and what it couldn’t,” she said earlier this year. “We had to look at zoning and compliance issues.”

The former restaurant was destroyed by a fire that was later ruled arson. Land bank officials continued to move forward during the pandemic to redevelop the property, ultimately leading to the announcement in November of last year that the property would be sold for $225,000 to Adventure Sports Development & Tundo Construction.