Development activity accelerates on Stock Island

Miami /
Aug.August 16, 2015 01:00 PM

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


Related Articles

arrow_forward_ios
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Alina Residences in Boca Raton (Alina Residences)
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
Nathan Reiber was the developer for Champlain Towers South in Surfside (Getty, Levitt-Weinstein Obituary)
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
Rendering of Boca Ice and Fine Arts Center courtesy of Peninsula Ice LLC 
Ice skating gliding into Boca: Arena developers score $14M construction loan
Ice skating gliding into Boca: Arena developers score $14M construction loan
Steven Witkoff and 700 North Miami Avenue (Google Maps)
Witkoff, Monroe pay $94M for site of canceled Marriott hotel at Miami Worldcenter
Witkoff, Monroe pay $94M for site of canceled Marriott hotel at Miami Worldcenter
Asher Abehsera and Jonathon Yormak with 2400-2500 North Miami Avenue (Google Maps)
LIVWRK in contract to buy Wynwood assemblage from East End Capital
LIVWRK in contract to buy Wynwood assemblage from East End Capital
The Estate Companies Principal Jeff Ardizon and Managing Principal Robert Suris with a rendering of the project. (Estate)
Estate Companies scores $76M construction loan for North Miami Beach apartments
Estate Companies scores $76M construction loan for North Miami Beach apartments
The site and renderings of Premium Development’s nearby project. (Premium Development)
Multifamily developer buys piece of Little Havana assemblage
Multifamily developer buys piece of Little Havana assemblage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...