The site of JoJo’s Restaurant in the Florida Keys has been sold to a developer with plans to construct a neighborhood of single-family residences.

The 3.7-acre lot in Marathon was sold for $3.18 million to a joint venture between Ironwood Venture Group and Constellation Group. Tobin Real Estate Senior Vice President Louie Granteed represented the seller in the transaction.

The property at 59720 Overseas Highway is approved for 14 single-family units, overlooking the Atlantic Ocean and Duck Key. 

JoJo’s traces its history to the 1950s and redevelopment plans for the property have been rumored for years.

“We leveraged our vast relationships to identify the right buyers for the site. The City of Marathon will benefit from having beautiful brand-new oceanfront homes developed on Grassy Key,” Granteed said.