Integra Land Buys to Spur Affordable Housing Development in Key West
Integra Investments is also in the process of acquiring a property in Islamorada’s epicenter in the Florida Keys, where it will propose 41 affordable and workforce housing units.
KEY WEST, FL—Integra Investments has completed more than $14 million in land acquisitions on Stock Island that will facilitate what the Miami-based development firm says will be the area’s largest affordable and workforce housing project.
The land assemblage totals approximately nine acres and will accommodate a new development of more than 250 units to serve year-round Key West residents, the company states.
The Stock Island acquisitions were initiated in December 2017, with the most recent purchase completed in April. Currently serving as a mobile home park badly damaged by Hurricane Irma which made landfall in the Florida Keys on Sept. 10, 2017. The newly acquired properties are located at 6125 Second St., 5700 Laurel Ave. and 6325 First St.
Integra Investments says it will collaborate with municipality leaders and constituents to determine a plan that best supports Key West’s needs, while working with remaining property residents to identify relocation options and offer first-priority in the future project.
Integra Investments is also in the process of acquiring a property in Islamorada’s epicenter in the Florida Keys, where it will propose 41 affordable and workforce housing units.
“Lack of affordable and workforce housing is not a new struggle for the Florida Keys, especially after Hurricane Irma. The workforce―those individuals who are instrumental in driving the local economy―will finally be provided with much-needed quality housing that will change lives,” says Integra Investments principal Victor Ballestas. “We are proud to share in Governor Rick Scott’s mission by contributing to a movement that greatly benefits the area for the long-term.”
The Integra property purchases follows up Gov. Rick Scott’s recent announcement to have the Department of Economic Opportunity launch enhance workforce housing efforts to help the Florida Keys recover from the damage caused by Hurricane Irma.
The initiative will allow up to 1,300 new building permits for workforce housing throughout the Florida Keys.