Firm Seeks $1.5 Million for Scuba Resort in Belize

Coastal Development hopes to raise $1.5 million through an initial public offering to finance construction of a scuba-diving resort in Belize, Central America, according to a filing with the Securities and Exchange Commission.

Organized last December in Phoenix by Mark Nielson, Coastal Development said it plans to build the resort on 100 acres of land along the coast of Ambergris Caye, the largest of Belize’s offshore islands. Designed for lovers of scuba diving and deep sea fishing, the resort will feature condominium units, a bar and restaurant and a private air strip, according to the filing.

The company said it may sell 1.5 million common shares at about 10 cents each through R. A. Johnson & Co. of Salt Lake City, Utah.