The Real Deal Miami

Miami-based firm pays $14m for affordable housing sites on Stock Island

Integra Investments plans to build more than 250 units of affordable housing on Stock Island and another 41 units farther north in the Keys in Islamorada
July 07, 2018 03:15PM

5700 Laurel Avenue on Stock Island (Credit: LoopNet)

Miami-based Integra Investments paid more than $14 million to acquire land for the development of affordable housing on Stock Island, a working-class community located next to Key West.

From December to April, Integra acquired nine acres on Stock Island for the development of more than 250 residential units.

The acquired land on Stock Island is located at three addresses: 6325 First Street, 6125 Second Street and 5700 Laurel Avenue.

Integra also is acquiring property farther north in the Florida Keys in Islamorada, where the company plans to propose construction of 41 affordable housing units.

Integra expects to participate in an initiative to provide more affordable housing in the Florida Keys that Gov. Rick Scott recently announced.

The initiative will result in the issuance of as many as 1,300 new building permits for affordable housing throughout the Florida Keys. [GlobeSt.com] – Mike Seemuth