June groundbreaking set for Ocean Reef project

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

Feb.February 27, 2016 09:00 AM

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

Related Articles


Why homes that are virtually hurricane-proof are so scarce

Eric Soulavy, co-developer of 101 Key Biscayne

Key Biscayne developer spends $21M on offices

Key Biscayne developer picks up site for $15M

Developer completes final new Key Biscayne condo project

101 Key Biscayne set to open next month

Ocean Reef’s Marina Inn sells for $20M

Daily Digest Miami

Commissioners seek new plans for Melreese, Virgin Trains Aventura stop would have low ridership: Daily digest

Ross Dress for Less

Ross Dress for Less signs lease at historic former Burdines building in downtown Miami