KEY WEST, FL—It’s one of the last remaining waterfront development sites in the Florida Keys—and it’s up for grabs. CBRE‘s Multi-Housing Group is marketing a 1.79-acre plot on Stock Island, which is adjacent to Key West.
The site is approved for residential redevelopment. Specifically, developers are allowed to build 12 large luxury waterfront single-family homes and marina slips there.
CBRE’s Calum Weaver and Gerard Yetming, both based in Fort Lauderdale, are marketing the sites in this high-barrier-to-entry Florida Keys market. According to CBRE, luxury waterfront single-family homes and townhomes with marina slips in the Florida Keys command premium pricing—on average well over $700 per square foot.
“Development in Key West is difficult due to scarcity of land, as well as the historic nature of many sites,” says Weaver. “What makes this offering more extraordinary is that it is waterfront and the building design and permits are fully completed. Residential sales in the Keys will benefit from the housing rebound in general, but the evolution of Miami as a true world-class city will also help drive investor demand and interest in the nearby vacation destination of the Keys.”
The development property is located at 6325 First Street, on Stock Island, south of the Overseas Highway (US 1) at Mile Marker 5. Each of the 12 luxury single-family homes approved for the site is estimated to be 2,500 square feet with individual pools. The dock permit was recently renewed and remains in place until December 2016. The site currently has 12 mobile homes that operate as rentals.