The former home of the iconic JoJo’s Restaurant in the Florida Keys is poised to become a single-family residential development following a sale of the Marathon site arranged by Tobin Real Estate. Tobin’s successful sale paves the way for the 3.7-acre site’s new owners to start construction in October 2022.
A Tobin, Inc. subsidiary was the seller of the site near mile marker 59 to a joint venture between Ironwood Venture Group and Constellation Group. Tobin President and COO Jason L. Tobin navigated an extensive entitlement and approval process to enable the $3.18 million sale to occur. Tobin Real Estate Senior Vice President Louie Granteed represented the seller in the transaction.
Located at 59720 Overseas Hwy. overlooking the Atlantic Ocean and Duck Key, the site offers breathtaking views for future homeowners. Tobin worked closely with the City of Marathon on the multi-faceted entitlement process.
“We originally acquired JoJo’s because it had incredible bones,” Tobin said. “Securing all necessary approvals was an arduous task, but it was always achievable thanks to our professionals and steadfast partnership with the City of Marathon. We were delighted to be a part of visualizing the potential for this prime Florida Keys real estate.”
Approvals were obtained based on an in-depth analysis of the historical uses and buildings previously located on the property. Many past structures were destroyed by hurricanes at various points in the history of the Keys.
In the end, Tobin’s legwork resulted in the new owners having the ability to develop an oceanfront 14-unit single-family community. The individual lots are permit-ready and have additional approvals to serve as vacation rentals and overnight stays.
“Once the site was fully entitled, we embarked on a strategic and targeted marketing process,” Granteed said. “We leveraged our vast relationships to identify the right buyers for the site. The City of Marathon will benefit from having beautiful brand-new oceanfront homes developed on Grassy Key.”
For nearly a century, Tobin has been an accomplished family-owned real estate, management, and construction company based in South Florida that provides a full stack of development, construction, brokerage, and property & asset management services across the Southeastern United States. Established in 1926 by real estate pioneer Ben Tobin, the company remains family-owned and operated and has compiled a diversified portfolio. Tobin prioritizes a relationship-first approach and entrepreneurial work ethic while utilizing the Owner’s Perspective™. Tobin’s heritage of success is marked by the collective experience of its professionals, their dedication and expertise, and the company’s position as an invested stakeholder, acting only in the best interest of each client. For more information, visit www.tobinsince1926.com.