Wisteria Island Approved for Real Estate Development

Wisteris Island was approved by the Key West City Commission for an annexation proposal of real estate development. The development is projected to price at several million dollars. As real estate development in the Keys remains lower than developmet as compared to the rest of Florida. The effects should draw more attention and commerce to the community.

Homes from Islamorada to Key West should experience more exposure from potential buyers as this development gets underway.

Wisteria is a man made 21 acre fill island often referred to as "Christmas Tree Island". The number of projected homes has not been revealed, but private real estate dwellings and condos are projected to be apart of the package. The real estate development is also expected to generate additional income for the Flordia Keys through additional Hotel development.

Currently, the island is owned by The Bersteins who initially received the real estate rights in 1967. Ocean Properties Limited and The Bersteins have teamed up to develop the real estate on Wisteria Island.

Zoning and building density for Wisteria still needs to be determined by the Key West Commission. The actual real estate development plan has not been approved at this time, though the Island itself has been approved for building rights.

Aside from just being approved for development, there remains a number of hoops to jump through before the real estate can be fully development. Not limited to, but lincluding a Florida Keys real estate development application. Also, there must be an approval of Environmental permits from the state of Florida. Planning the real estate development is projected to absorb anywhere from 1 to 1.5 years, according to Gail Kenson, Planning Department Director.