Retail, Apartments & Assisted Living Development Planned for Florida City's US 1 Corridor

Construction is underway on a major mixed-use development in Florida City that will transform an entire city block along US 1 — the main gateway to the Florida Keys — into a vibrant hub of retail, apartments, and assisted living facilities.

The project is being developed on a stretch of US 1 just south of Key Largo that was previously occupied by vacant restaurants, a deteriorating strip mall, and a shuttered hotel. Florida City Prime LLC, managed by Andrew Carricarte of Kendall, acquired the property for $2.95 million in 2023. The site sits adjacent to a Chick-fil-A currently under construction at 232 S.E. First Ave./US 1.

Trans Florida Development is serving as the general contractor on the project. The architect, Ivo Fernandez Jr. — principal of Miami-based Modis Architects — says the retail building is planned for the high-traffic US 1 corridor and could include a drive-thru. "That area is very busy, with travelers coming and going from the Florida Keys," Fernandez noted.

Florida City Prime is currently seeking a development partner for the apartment and senior housing components, while the ownership group intends to build the retail portion itself, according to Fernandez.

The development is located directly east of the 14-acre Ocean Gate Village site at 75 W. Palm Drive, where a Lennar Corp. affiliate purchased 10.8 acres in 2023 to build 174 townhouses. The remaining acreage is owned by Cordial Holdings, managed by Louis Carricarte — a relative of Andrew Carricarte — and is slated to include 47,371 square feet of commercial space, 343 apartments, and a one-acre public park.

Together, the two neighboring projects signal a significant wave of investment and redevelopment along Florida City's southern corridor.