A waterfront living community is planned for Utica's Harbor Point.

Visions Hotels and Utica Mayor Robert Palmieri announced what they called "a preliminary agreement" Thursday to sell a 15-acre space along the north side of the harbor to Visions, which plans a living area that includes more than 120 housing units, an entertainment center and two hotels.

The sale of the area, called Dredge Spoils Area 1, will be for a little more than $1 million, according to Visions. The plan has already been approved by the city's industrial development agency, but still needs a sign-off from the Harbor Point Development Corporation, according to a press release.

"When we talk about Harbor Point, we're now talking about a vibrant, mixed-use community unlike we've ever had in Utica. This is beyond a once-in-a-lifetime opportunity because it's never happened in any of our lifetimes before," Palmieri said in a press release.

It's expected that the development will cost between $80-90 million, according to Visions Hotels.