KEY WEST, FL-Tampa-based Cortex Resort Living plans to begin construction in the third quarter on King's Pointe Marina, a project that will include 32 townhomes, 108 dry wet slips and eight wet slips capable of mooring boats up to 75 feet in length.

The existing 12-acre property, which is currently called Oceanside Marina, has 96 wet slips, 56 dry slips and 22 oceanfront condominiums. The two-story townhomes will contain at least 2,000 sf and have two bedrooms, with an option to add a third bedroom on the ground floor. Cortex will offer a rental program for buyers who purchase the units as an investment.

The expected sell-out of the project is $87 million, Cortex CEO Craig Hunt tells GlobeSt.com. Cortex is still working to obtain some approvals for the project, but expects to begin sales of the units in the first quarter. Units will be priced from $1.7 to $2.5 million. The project is expected to be completed in the second quarter 2008. "The units are located on the waterfront and will have waterfront views," Hunt says.

The project is located in Stock Island, which is located at the entrance to Key West, about five miles from the Downtown. "Stock Island is rapidly getting redeveloped with homes and condominiums replacing trailers," Hunt says. "It's a quieter location with a more laid back atmosphere but still close to Downtown Key West."

One of the interesting aspects of the projects is that it is the closest marina to Cuba. "When Cuba opens up, this will be a strategic stopping point," Hunt says.