Card Sound Key Apartments

FVP acquired the 12.7-acre site located on the southern edge of Florida City in 2012.  The partnership entered into a joint venture with Coral Rock Group in 2022 for the purposes of developing an mixed-income workforce housing project.  The project is positioned to create affordable housing for residence who work in the Florida Keys and the surrounding community.  Sitting just 20 miles north of Key Largo, while still being 40 miles south of downtown Miami. Florida City offers a “small town” environment with community amenities like shops, restaurants, and public space. The property has excellent access to employment in the Keys and Miami.

The project will consist of 342 units, 100% of which will be Workforce Housing restricted at 100% AMI or 120% AMI and be encumbered by a 30-year LURA.   The Pascual, Perez, Kiliddjian, Starr & Associates-designed project includes a 6,000 SF clubhouse with large community gathering areas including a fitness center, a café area with a kitchen, a game area, business/conference area, an outdoor swimming pool with a lounge area, outdoor kitchen, a playground, dog park spa, and yoga plaza.  Of the 342 total units, 274 (80% of the total unit count) will be restricted to 120% AMI and 68 units (20% of total unit count) will be restricted to 100% AMI.


Location Florida City

Address 3500 S. Krome Avenue

Property Type Multifamily Mid-Rise

Description Suburban Mixed-Income

Acreage 12.7

Number of Units 342 units

Average Unit Size 772 SF

Parking Spaces 540

Parking Ratio 1.5 per unit

Completion 2025 (est)

Total Capitalization $91,800,000

Total Capitalization Per Unit $268,500

Co-Developer Coral Rock Group / FVP