A waterfront resort and marina in the Florida Keys, known as Sugarloaf Lodge & Marina, has been listed for sale at $45 million. The property, located near mile marker 17 at 17001 Overseas Highway, spans over 10 acres and includes 31 hotel rooms along with commercial space. The listing is being handled by Lisa Swanson of The Agency Florida Keys and Jamie Bederak of The Agency Miami.
The site comes with development rights to rebuild 24 hotel keys that were lost during Hurricane Wilma in 2005. According to Swanson, “The development potential for 24 hotel keys is legally vested with the property.” The asking price translates to approximately $1.45 million per hotel key.
Originally constructed in the late 1950s by a Pennsylvania strip mining company responsible for much of Sugarloaf Key’s development, the lodge saw additions built in the following decade. In 1973, Lloyd and Miriam Good purchased the property and relocated their family to manage it.
Currently, ownership belongs to an entity named Miriam BG, managed by John Good and Caren Ward—children of Lloyd and Miriam Good—as well as Jessica Duncan Wex and Katchen Elizabeth Duncan, who are John Good’s nieces.
Sugarloaf Lodge & Marina features a 12,700-square-foot hotel building and a restaurant occupying about 5,300 square feet leased to South of the Seven. Additional amenities include a tiki bar, events venue, office spaces (some leased to kayak/boat rental companies and a solar energy firm), an apartment unit, marinas, swimming pool, and tennis courts.
Much of the original Mid-Century Modern decor remains intact in the hotel rooms. While full redevelopment is possible under current regulations—requiring larger setbacks from the bay due to updated construction rules—the site retains its legal right for further expansion.
Monroe County restricts building heights to 38 feet but may increase this limit to 42 feet for residential properties pending new legislation.
John Good recalled elements of the property’s history: “Dolly,” a dolphin that escaped from U.S. Navy custody, was often seen at Sugarloaf when his family arrived. According to Good: “The Goods removed any nets keeping her within the bay,” allowing Dolly eventually to leave since she was not interested in performing shows. Jacques Cousteau studied Dolly’s intelligence and included her story in one of his books; another dolphin named Sugar remained until her death in 1997.
Good also recounted encounters with notable guests such as Paul Newman—who shared advice about Kenyon College—and Hunter S. Thompson: “Thompson ‘was kind of part of our family for a couple of years,’” he said. A prank involving Thompson made it into Thompson’s book “Songs of the Doomed.” As Good put it: “Crazy times… It was the ’70s and ’80s … a lot of characters.”
While quieter than Miami further north on U.S. Route One, real estate activity has increased throughout the Keys amid South Florida’s broader commercial boom. In Islamorada—a neighboring area—Barstool Sports owner Dave Portnoy acquired a waterfront mansion for $27.8 million last October (https://therealdeal.com/miami/2024/01/02/barstools-dave-portnoy-buys-islamorada-mansion-for-28m-record/) . Also in Islamorada last year, Frisbie Group sold Islands of Islamorada resort (22 villas plus an eight-key hotel) for $72 million; buyer Wills Companies began selling villa units soon after (https://therealdeal.com/miami/2024/04/18/frisbie-group-sells-islands-of-islamorada-resort-for-72m/) .
In Key West during 2023 transactions: Key International bought Perry Hotel (100 keys) for more than $37.6 million while Integra Investments paid about $29.7 million for Perry Marina next door (288 slips across roughly 35 acres) (https://therealdeal.com/miami/2023/06/15/key-international-buys-perry-hotel-key-west-for-38m/) .
