The Real Deal Miami

June groundbreaking set for Ocean Reef project

It will be the first development at Ocean Reef in Key Largo in almost 20 years

February 27, 2016 09:00AM

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Rendering of 121 Marina condominium at Ocean Reef

Rendering of 121 Marina condominium at Ocean Reef

Developer Eric Soulavy, founder of Blue Jay Capital in Key Biscayne, said his firm will begin construction of a 29-unit condominium in Key Largo at the Ocean Reef Club in June.

Nine of the 29 units have been reserved. Prices start at $1,200 per square foot.

The three-story building, called 121 Marina, will have three- and four-bedroom units ranging from 2,540 square feet to 4,270 square feet.

The 121 Marina condominium will be the first development at Ocean Reef since the Sanctuary opened with 16 units nearly 20 years ago.

Blue Jay Capital acquired the three-acre waterfront site of the 121 condominium for $20 million in 2014. A property called the Marina Inn resort previously occupied the site.

Soulavy said the market for units at 121 include longtime owners of single-family homes at Ocean Reef.

He told the Miami Herald that “these are members who have been there forever, know the community … and are basically looking to move from a house to a condo where you simplify your living.” [Miami Herald] — Mike Seemuth

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