Integra Investments has broken ground on one of the largest workforce housing communities in the Florida Keys in more than 50 years.
Wrecker’s Cay Apartments, a privately funded 280-unit development on Stock Island, is expected to be completed in 18 months, according to the Miami-based real estate investment and development firm.
The new housing community will span across 9 waterfront acres and will feature 70 units for households earning up to 80% of the area median income (AMI), 98 units for households earning up to 100% of the AMI, and 112 units for households earning up to 120% of the AMI.
“Understanding the importance of high-quality, market-rate housing development in any community with an active workforce, this project brings Key West one giant step closer toward promoting protracted economic growth,” said Integra Investments principal Victor Ballestas in a statement. “We have taken great pride in working alongside city leaders and thank them for their mutual commitment as we initiate construction.”
Wrecker’s Cay, which has $46 million in construction costs, will feature a variety of floor plans designed to suit all needs, including one-, two-, and three-bedroom apartments. Residents will enjoy a wide range of community amenities, including a children’s playground, a fully equipped state-of-the-art fitness center, a clubroom with a catering kitchen, an expansive pavilion with an outdoor kitchen, and a resort-style pool overlooking the shoreline.
Situated near the entrance of Stock Island, the development will afford swift access to Key West’s core, multiple transportation hubs for local workers, and the main thoroughfare of Overseas Highway.