721 W Ocean Drive, Key Colony, FL 33051

$9,198,000

Property Type: Vacant Land Lot Size (sq. ft.): 91,650 Status: Pending

Current Price: $9,198,000 List Date: 4/17/2025 Last Modified: 5/27/2026

Description

Fantastic Oceanfront Development Opportunity in the heart of the Florida Keys! 2+ acres of prime oceanfront boasting 225' of beach front with dock permit in Key Colony Beach. A total of 3 lots with endless possibilities. Previous use was a 22 unit condominium. Or look into separating the lots to build 3 new luxury beach homes which are in very hot demand and rare to find. One house on this street sold March 2025 for $12 Million. Key Colony Beach is an upscale coastal community in the Middle Keys offering beautiful beaches, par 3 golf course, basketball, pickle and bocce ball, shopping and dining, marina, fishing charters, and 3 parks including Sunset Park where you will find Keys famous sunsets over the ocean all year long. Key Colony Beach also enjoys it's own police force and quick access to the Marathon Airport which is just minutes away.

More Information MLS# 614678

Contract Information

Listing Board: Key West Association ROGO Exempt: Yes Limited Representation: No As is Rght to Inspct: Yes Potential Short Sale: No Bank Owned: No Species List: Yes Current Price: $9,198,000 Listing Date: 2025-04-17 List Price: $9,198,000

Location, Tax & Legal

City: KEY COLONY Off Shore Island: No Mile Marker: 53.5 Marathon Neighborhood: N/A Side: Ocean Flood Zone: AE VE by water only Alternate Key #: 1084603 Parcel #: 00078380-000000 Zoning: R-3 - Multi Unit Res Deed Restrictions: Unknown Legal: LT 6 AMENDED & EXTENDED PLAT OF STEVENS SUBDIVISION SHELTER KEY PB4-8 Taxes: 0 Tax Year: 0 Street #: 721 Direction: W Street Name: Ocean Street Suffix: Drive Key/Island: Key Colony State/Province: FL Zip Code: 33051 County: Monroe Subdivision: Stevens Sub (53.5) Area: 17 - Vaca Cut - Both Sides Holiday Inn/Key Colony

General Property Description

Realtor.COM Type: Vacant Land Waterfront: Yes Control Depth: 2 Lot SqFt: 91650 Lot Sqft Source: Property Data Card Total Lots: 3 Survey Available: Yes Vegetation Survey: No

Remarks & Misc

Remarks – Consumer: Fantastic Oceanfront Development Opportunity in the heart of the Florida Keys! 2+ acres of prime oceanfront boasting 225' of beach front with dock permit in Key Colony Beach. A total of 3 lots with endless possibilities. Previous use was a 22 unit condominium. Or look into separating the lots to build 3 new luxury beach homes which are in very hot demand and rare to find. One house on this street sold March 2025 for $12 Million. Key Colony Beach is an upscale coastal community in the Middle Keys offering beautiful beaches, par 3 golf course, basketball, pickle and bocce ball, shopping and dining, marina, fishing charters, and 3 parks including Sunset Park where you will find Keys famous sunsets over the ocean all year long. Key Colony Beach also enjoys it's own police force and quick access to the Marathon Airport which is just minutes away. Directions: From Overseas Hwy, turn Oceanside onto Sadowski Causeway, then right onto W Ocean Dr. The lot is on the left. Sign on property.

Assoc/Misc Info

Mandatory Home Owners Asc: No 1st Right of Refusal: No

Miscellaneous Info

Mobile Home Lot: No

Dockage

Dock Permit: Yes

Tax Exemptions

None: 1

Waterfront

Beach Front: 1 Oceanfront: 1 Open Water: 1

Waterview

Ocean View: 1 Open Water View: 1

Neighborhood Feature

Beach: 1 Tennis Courts: 1 Other Area Features: 1

Location/Site

Cleared Site: 1 Paved Street: 1 Water Frontage: 1

Existing Utilities

Electric on Site: 1 Sewer: 1 Water Line: 1

BuildingPermit

Other Permit: 1

Land Size

More than 1 Lot: 1 2 Less Than 5 Acres: 1

Terms

No Seller Finance: 1

Title

Negotiable: 1

Financial Status

Bank Owned: No Potential Short Sale: No

Status Change Info

Under Contract Date: 2025-06-03 Contingent: None Status: Pending

Property Features

Tax Exemptions: None Waterfront: Beach Front; Oceanfront; Open Water Waterview: Ocean View; Open Water View Neighborhood Feature: Beach; Tennis Courts; Other Area Features Existing Utilities: Electric on Site; Sewer; Water Line BuildingPermit: Other Permit Land Size: More than 1 Lot; 2 Less Than 5 Acres Terms: No Seller Finance Title: Negotiable

Documents

Survey ›

Listing Office: Coldwell Banker Schmitt Real Estate Co

Last Updated: May - 27 - 2026

The data relating to real estate for sale on this web site comes in part from the Florida Keys MLS, Inc. Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commeral use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS.

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