I'm sure this has happened in many areas of Florida, probably more common on the coast or inland waterways.
Mayport, Florida was hotly pursued as the next "It" area of Jacksonville. Located on the St. John's River, with ocean access just next door, land was gobbled up in anticipation of increasing land values and multi use land development that would bring buyers and retail stores by the dozens overnight.
Now, with the current state of the economy, the plans have faltered, some mid-stream as the developers were caught amidst the changing tide of the real estate market.
The Navy is planning on dredging to bring the channel to the appropriate depth for a nuclear carrier, there is again a casino cruise ship and plans remain to shift the cruise ship terminal from up the river to closer to Mayport.
I'm hopeful Mayport can benefit from the changes coming, and soon!