Published: Sep 29, 2010 5:43 AM EDT
Updated: Sep 29, 2010 10:45 AM EDT

CAPE CORAL, Fla. - AIA Properties is the first company that Cape Coral's C.R.A. ever loaned money to.

AIA proposed building a mulit-level hotel on Cape Coral Parkway. The project was never started and the company went bankrupt leaving the C.R.A. holding the bag for the 641 thousand dollar loan.

Now AIA wants to start a new project on the same land, refurbishing the failed Eddie Fishbowl's bar into a new eatery.

The company went before the C.R.A. asking for their recommendation to begin the project and got it. John Jacobsen, Chairman of the C.R.A, says it is an opportunity for AIA to start a new business and begin generating cash and hopefully begin to start paying off the judgement the City has against them.