A 93.53-acre development is set to be added to the shores of Lake Murray.

The Lexington property, now known as Smallwood Cove, sits off Beekeeper Court and North Lake Drive near Jake’s Landing on the south side of the Lake Murray Dam.

Town Council revealed at its regularly scheduled May 1 meeting that a $733 million destination resort community is slated for the location, taking initial steps to approve the project.

The build-out for the forthcoming development, which is set to include a Regional Conference Center to be built by the town, is set to take 15 years.

According to Mayor Steve MacDougall, the new community will bring a marina, retail spaces, hotels, restaurants, and even living spaces for residents ranging from single-family homes to condos.

MacDougall called it the largest development Lexington will ever see.

“Because of this investment and this project everyone around us will win,” he said. “Irmo will win, Chapin will win, Gilbert will win, because more people will come to the region and when that happens everybody gets lifted up.”

Council Member Kathy Maness told the Chronicle the development is a great opportunity for the people of Lexington, emphasizing that it’s something that the town needs.

As part of the arrangement for the development, the town will receive as a donation the five acres for the conference center to be built upon, with Lexington taking responsibility for building the street to the center, along with water and sewage. The town estimates its total cost for this will be $30 million.

“I think it's a great opportunity having a conference center there for other people to see what a treasure we have in the Town of Lexington with Lake Murray,” Maness said. “t's a wonderful opportunity for others in South Carolina and outside of South Carolina. to see the beauty that we have.”

MacDougall said the cost for the center will be $30 million.

Construction on the project is set to start within two years and will be completed in phases.

“This project is a public/private economic development partnership which will create destination tourism for Lexington County and provide access to premier lake front property,” the town writes in a release. “Once completed, it will generate substantial tax revenue and economic benefits for the state and local community, including the creation of at least 400 tourism industry jobs.”

MacDougall emphasized that this kind of development has been on the vision plan since 2012, but the town is just now able to bring the goal to fruition.

“We had to create space that is now an asset for the town of Lexington – and not only for the town of Lexington but the entire region,” he said.

This is a developing story and will continue to be updated.