Developers expect to break ground Aug. 1 on a hotel and vacation rental resort along the Stock Island waterfront, The Real Deal has learned.
The project will feature 79 vacation rental units and 17 hotel rooms spread over five buildings, said Noah Singh, vice president for developer Singh Investors, which is owned by his father Pritam Singh. Amenities will include a restaurant, seven pools, a fitness center and watersports concessions. The project will be called either Oceanside Resort or Oceanside Marina Resort.
Stock Island, located immediately east of Key West, is the Southernmost City’s less glamorous cousin. It’s home to tightly packed housing, where many Key West workers live, and to boatyards and fish houses on its southern edge. That waterfront, however, has caught the interest of developers.
The Oceanside Resort project is positioned to be the first Stock Island waterfront redevelopment to break ground. But others are expected to follow. Last month, on the same day that the Monroe County Commission approved the final development agreement with Singh, it also approved a development agreement for a mixed-use working waterfront and 122-room hotel project at nearby Safe Harbor.
Noah Singh stressed the easy access that his hotel site has to both Key West’s Duval Street, five miles away, and to the reefs off Stock Island, in a phone conversation with TRD.
“Bringing tourism to the Stock Island waterfront, it will be beautiful,” he said.
The 12.5-acre property where the hotel and condominiums will be built sits on Peninsular Avenue, near the southeast edge of Stock Island. The property surrounds the similarly-named Oceanside Marina, at 5950 Peninsular Avenue, which the Singh Company manages but does not own. Oceanside Marina has 96 dockuminium slips. The resort will have 15 slips of its own that will be available to guests.
Noah Singh said he hopes the resort will one day be part of a water taxi route that would ferry visitors from the Stock Island waterfront to the Historic Seaport in downtown Key West.
Singh Investors is still awaiting its final building permits from Monroe County. Attorney Bart Smith told TRD that they expect to receive them before the end of the month.