Prized Duval Street Property Sells for $5.8 Million

Duval Street is easily the most visited and heavily trafficked area in all of Key West. Running the width of the island, Duval Street is home to the most recognizable and iconic bars, restaurants, and entertainment venues in the Florida Keys. Tourists come to enjoy their vacations, and locals come to unwind along the street where they can find a little bit of everything, including top rated cuisine, live music, local trinkets, and a fun and relaxed atmosphere. Commercial real estate on Duval Street is some of the most highly coveted and profitable in all of the Florida Keys. Just this week, a prime piece of Key West commercial real estate, located on Duval Street, sold for $5.8 million.

The property is located at 824-826 Duval Street - in the popular historic district, and is a 5,200 square foot building that combines commercial and residential real estate uses. In the building, there are two commercial-use units, as well as 6 individual one-bedroom  apartments, currently used for short-term rentals. On site, there is a swimming pool, as well as the rights to off-street parking. The building had previously been on the MLS for nearly two and a half years, listed for almost $1 million more than the final sales price.

The sale of this building once again brings up locals' thoughts about the reinvention plan that is in the works for Duval Street. For more than one year, the project has been in the development phase. KCI Technologies, the company leading the project to revitalize this historic street, has been working since early 2021 on gathering input from the public and the city to draw up their plans to provide a face lift to Duval Street. Early renderings showed drastic changes, like large art installations in the streets, adding shade trees along the sidewalks, switching to a pedestrian-friendly model, and updating the facades of the buildings along the thoroughfare. The public seems split on many of the ideas, but nearly all support maintaining the historic nature of Duval Street and the distinct vibe that it is known for.

This is an on-going issue, with no final plan in the works yet. Key West residents eagerly await more information on the topic in regards to how it will impact their businesses and more.