Ocean Reef is preparing for its first new development project in nearly a decade.
Key Biscayne development firm Blue Jay Capital will break ground on a 29-unit condominium dubbed 121 Marina in June, according to company founder Eric Soulavy. The project will be the first new structure in the exclusive Key Largo community since 16-unit Sanctuary opened almost 20 years ago.
The three-story 121 Marina building will offer three- and four-bedroom apartments between 2,540 and 4,270 square feet at a starting price of $1,200 per square foot. Units will have a price tag of about $4 million. Nine are already reserved.
The condominium will be built on a three-acre waterfront property that is the former home of the Marina Inn resort, which Blue Jay Capital purchased for $20 million in 2014.
Prior to building, Soulavy had to satisfy strict permitting requirements by Monroe County, the state, the U.S. government and the Ocean Reef Club, which has its own rules.
The 121 Marina will target longtime Ocean Reef dwellers looking to transition from high-maintenance homes to simpler living scenarios.
“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 by having a maintenance guy taking care of 29 families, instead of just one, and having a generator and shared amenities,” Soulavy said.
The breezy gated community, open only to homeowners and club members, is located at the north end of Key Largo.