A developer plans to replace the Foosaner Art Museum with a multi-story boutique hotel featuring a rooftop restaurant and bar in downtown Eau Gallie.

Northboro Builders, an Orlando firm that revitalizes commercial properties, is under contract to buy the Highland Avenue museum and adjoining Renee Foosaner Education Center from the Florida Institute of Technology.

“I want to build a boutique hotel on the site that can help reinvigorate the Eau Gallie Arts District downtown,” Larry Jarnes, Northboro Builders president and chief executive officer, said in a Thursday morning news release.

“My wife, Jeannette, and kids love the Eau Gallie area — it’s the coolest little town,” Jarnes said.

“Our vision is for an aesthetically pleasing multi-story hotel, perhaps 200 rooms, that would feature a rooftop restaurant and bar with wonderful views of the river and the ocean,” he said.

For comparison's sake, the $42 million, 11-story Tapestry Collection by Hilton boutique hotel under construction in downtown Melbourne will have 156 rooms. Dubbed Hotel Melby, the building will feature a rooftop lounge and indoor-outdoor terrace with 4,900 square feet of event-meeting space.

Florida Tech listed the sites for sale in March for $3 million. Purchase details were not disclosed.

Both parties hope to close on the contract Aug. 31. Florida Tech will continue to operate the museum and education center through July 2021.

Northboro Builders plans to convert the Renee Foosaner Education Center into "flexible, shared office space," the news release said.

“We reviewed several offers, and ultimately felt that Mr. Jarnes’ vision for the property was best for all involved,” Florida Tech President Dwayne McCay said in the release.

“We wish him every success," McCay said.

Florida Tech officials will seek a suitable arrangement to display or donate the museum art collection when the facility closes.

The university acquired the former Brevard Art Museum in July 2011, bolstered by a $1 million gift from the Foosaner Foundation and Dee Negroni-Hendrick. University officials say they spent about $1.8 million bringing facilities up to code and more than $7 million to keep the museum open.

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The two-story museum (15,859 square feet, built in 1953) and the single-story education center (11,648 square feet, built in 1959) are situated on 1 acre of land.

Lisa Packard, Eau Gallie Arts District executive director, said she did not yet know details of the proposed hotel. She said vacation rental demand is high in Eau Gallie, with lodging like Uncle Scotty's Community B&B selling out months in advance.

"I think that a boutique hotel would probably do well. And I think it's something that folks would like to have down there," Packard said.

"The destination is of interest to folks. I love the idea of a rooftop restaurant. I think that'd be pretty cool," she said.

Jarnes owns and operates several commercial buildings in Melbourne, and he is a member of the Eau Gallie Yacht Club.

Alicya Simmons of JM Real Estate is the university’s real estate agent, and Cassandra Hartford of Curri–Kirchner Real Estate Group is representing the buyer.

Rick Neale is the South Brevard Watchdog Reporter at FLORIDA TODAY. Contact Neale at 321-242-3638 or rneale@floridatoday.com. Twitter: @RickNeale1. To subscribe: https://cm.floridatoday.com/specialoffer/