 Roy and Julie Norton say their Key Village will include a theater, shops, hotel and fractionally owned condos. |
Roy and Julie Norton happened upon Cedar Key several years ago while driving home from a business trip to Alachua County. What they discovered was a picturesque if shabby downtown surrounded by sea grass, marshes and a bayou. They were taken in by the charm and decided to look for a fixer-upper second home on the Gulf Coast island. Their plans evolved, and they wound up spearheading a project designed to create an off-the-beaten-path second-home destination for executives.
 Fractional ownership at the residence club will start at $173,000. |
Today, construction is under way on their Cedar Key Village, which they say will someday include three components: The historic preservation and transformation of downtown buildings into a movie theater, restaurant and retail space; a boutique hotel and spa; and a private residence club. The club will consist of 24 fractionally owned, fully decorated condo units, each with a water view and access to a powerboat. The homes, says Julie Norton, will add a level of luxury not currently available on the small island.
Units range from $173,000 for a 1/8th share of a 1,400-sq.-ft. unit to $240,000 for a 1/8th share of a 2,200-sq.-ft. unit. The Nortons, former New York City financiers, are among 40 buyers who have signed contracts. They hope to start moving in by early 2008.
The Making of Cedar Key Village
- Financing: Roy and Julie Norton, Siesta Key
- Marketing: DCP International
- Contractor: Frank Howell, Howell Construction Group, Sarasota
- Architect/Downtown Historic Preservation: Linda Stevenson, Bradenton
- Architect/Residence Club: Oscar Machado and Jamie Correa, Miami
 "After hours, it's kind of like 'Eloise at the Plaza,' " says Carey O'Donnell about living in an office building. |
Over the Office
Carey O'Donnell
Founder, Carey O'Donnell
PR Group
West Palm Beach
For the past eight years, Carey O'Donnell and her husband, Stephen Barry, have lived in a three-level, 5,100-sq.-ft. condominium at the top of the Esperante office building in downtown West Palm Beach. She has only four neighbors -- if you don't count the numerous firms that lease office space on the other 18 floors.
"We knew it would be a great address. We didn't know what it would be like to live in an office environment. After hours, it's kind of like 'Eloise at the Plaza,'" says O'Donnell, whose PR firm ranks among the top 10 in the state based on revenue.
Most of the people who work in the building don't realize the top three floors are residential. It can make for some funny moments, says O'Donnell, when residents in "life mode" bump into office workers.
O'Donnell's husband, a CPA, has an office in the building. During tax season, he frequently heads down three flights to his office after hours.
O'Donnell, who commutes a quarter of a mile, says the convenience and views are unbeatable -- not to mention the 300% appreciation on their home's value since 1999. "When we bought this place," says O'Donnell, "I knew what was going on downtown. This was premium property that was going to appreciate."
 "Oscar Rodriguez's home, 20 minutes from Miami, has appreciated almost 200% in five years. |
Show of Appreciation
Oscar Rodriguez
Senior Vice President of Development, The Related Group
Miami
Oscar Rodriguez wanted a typical "builder's half-acre" when he went house-hunting five years ago. The problem: Land was at a premium in residential neighborhoods close to Miami. His search took him to unincorporated Miami-Dade County, where five years ago he bought a 3,000-sq.-ft. home in Carole Helms Manor, 20 minutes from Miami.
Asking prices in the neighborhood then were around $400,000; today his home's value has appreciated nearly 200%. He is also close to where he was raised. Many of his childhood friends have also moved back to the area.
"When I moved in, it was a very up-and-coming neighborhood," says Rodriguez, "but right now it's very highly regarded."