The Real Deal Miami

Development activity accelerates on Stock Island

Marina projects, in particular, may help the island emerge from Key West's shadow

August 16, 2015 01:00PM

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Key West Harbour on Stock Island.

Key West Harbour on Stock Island.

Long overshadowed by Key West, its neighbor to the south, Stock Island may be on the cusp of significant real estate development, particularly at marina properties.

Last month, for example, Monroe County issued a permit for construction of a mixed-use development around the Oceanside Marina on Stock Island.

The Oceanside Marina on Peninsular Avenue is owned by Pritam Singh, who bought it from BB&T Bank in 2013. The Monroe County Commission in June approved Singh’s plan to construct a cluster of four buildings on the marina property including 78 residential rental units, 17 hotel rooms and a restaurant with 150 seats.

The owners of Stock Island Marina Village plan to put a 100-room hotel, 366 parking spaces and a swimming pool next to the marina. The owners submitted an application for a county building permit for site work on July 31. Stock Island Marina Village advertises itself as the largest deep-water marina in the Florida Keys, with 220 slips and capacity for vessels up to 300 feet long, according to the Miami Herald.

Marina sales could catalyze further development on Stock Island. For example, the Key West Harbour on Peninsular Avenue is listed for sale with a $50 million asking price. It sold for $30.5 million in 2006.

The reestablishment of diplomatic relations between the United States and Cuba could add to the redevelopment momentum on Stock Island.

“Throw Cuba into the mix, I think Stock Island will be a jumping-off point. I think it will be a boom town,” said  Bobby Mongelli, owner of the Hogfish Bar & Grill on Stock Island. [Miami Herald] –  Mike Seemuth