Newly-constructed apartment units in Key Largo — bought by Monroe County last year for $7.5 million — still remained vacant as commissioners convened for their Jan. 28 meeting in Marathon.
Commissioners said “yes” to another change in the rent at Southcliff Estates, a high-end apartment complex completed last summer.
“Unfortunately we don’t have one single unit in a great experiment,” Commissioner Holly Raschein said to kick off the discussion. “We need to bring them down as low as possible.”
Designed for workers in the Florida Keys tourism industry, the 11 one-bedroom, one-bathroom units at MM 95 oceanside, were purchased by the county using post-COVID tourism dollars. The state legislature approved a bill allowing the county to use the $35 million from the tourist boom for affordable housing.
However, the approval came with strict language that the units be for workers in the private-sector tourism industry and at 120% of the area median income.
By August, the units hit the market at $2,995 a month. The sticker shock and lack of interested applicants led county commissioners weeks later to approve a rent change to 30% of an applicant’s gross annual income. While the adjusted rent drew interested applicants, no one ended up signing the documents to move into a unit, County Administrator Christine Hurley acknowledged to commissioners.
Discussion among the commission led to approval of a new monthly rent of $1,900. Renters would pay for electricity and the internet. The rent covers water, sewer and trash pickup.
Hurley said the county worked with the housing authority and director Randy Sterling to determine the latest rent change. Hurley said they considered decreasing the rent to $1,300, but it was too low given the costs incurred for management and utilities.
Unfortunately, we don’t have one single unit in a great experiment. I think the big issue is the rent charge.’ — Commissioner Holly Raschein on Southcliff Estates
“$1,800 a month would not let us break even,” she said. “Homestead exists to the north of this project, and housing costs are substantially less. We are trying to hone in on where to set the rent and not burden taxpayer funding to make the project self-supporting.”
Mayor Michelle Lincoln said it’s frustrating to see the apartment building sitting empty.
“Hopefully, this will do the trick,” she said.
Kristen Livengood, county public information officer, told Keys Weekly on Feb. 3 that while no applications were submitted, the price change resulted in three new inquiries.
Southcliff Estates apartments can only have a maximum of two people. As for income requirements, a worker in the tourism industry can qualify so long as they make a maximum of $109,560. Two people in a unit can’t make more than $125,040 and a married couple can’t make more than $166,720. Additional requirements include background checks, landlord verification and submission of all required documents through the online portal.
Despite no tenants, Hurley said the apartments have received a lot of inquiries. The monthly rent equating to 30% of a person’s gross income, however, was one of the sticking points for prospective renters. And a one-bedroom unit isn’t as desirable as two, she said.
“I think that’s another thing that’s causing people to pause,” Hurley said.
Units are available on a first-come, first serve basis. Interested applicants can visit monroecounty-fl.gov/southcliff or contact SouthcliffApartments@MonroeCounty-FL.gov.
