Largest Affordable Housing in 50 Years to be Built in Key West!
Largest affordable housing in 50 years to be built in Key West!
6325 First Street, 6125 Second Street and 5700 Laurel Avenue on Stock Island.
Miami-based Integra, led by developer Victor Ballestas, recently secured approval from Monroe County for the 280-unit development on Stock Island near Key West. Ballestas said the project could break ground by the end of the year or in the first quarter of next year, and be delivered in the middle of 2022.
Unlike most affordable housing, Integra will not be using low-income housing tax credits and instead will be able to sell development rights for market-rate units to help lower the cost of building the project. The firm also has a letter of intent from a bank for construction financing, which will account for 65 percent to 70 percent of the total cost.
Integra assembled the 9-acre development site between December 2017 and April 2018 for $14 million.
Wrecker’s Cay will have 70 low income units, 98 medium income units, and 112 moderate income units.
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