Rare Redevelopment Opportunity in Key Largo! Situated on two oversized corner lots totaling 10,500 square feet, this unique property offers exceptional flexibility for investors, builders, or anyone looking to create their dream Florida Keys retreat. Included is a ROGO-Exempt Letter, allowing you to bypass the lengthy ROGO allocation process and immediately replace the existing home with a new residence. Build your custom island home utilizing both lots for an expansive estate, or develop on one lot while preserving the second for additional outdoor living, future possibilities, or potential future development (buyer to verify with Monroe County). Tier III with 34 points and sewer vent installed. While planning your vision, enjoy the existing fully furnished vintage cottage filled with Keys character. This charming 1-bedroom, 1-bath bungalow features an indoor tiki bar, open kitchen with granite countertops and oak cabinetry, custom oak flooring in the bedroom, porcelain tile throughout the living areas, and seamless indoor-outdoor living. Outside, you'll find a private pea-rock courtyard shaded by mature tropical trees, an outdoor shower, storage shed, two separate driveway entrances, and ample parking for boats, trailers, RVs, and guests. Located less than one mile from John Pennekamp Coral Reef State Park, you'll have easy access to world-class diving, snorkeling, fishing, boating, beaches, and the best of the Upper Keys lifestyle. Enjoy nearby waterfront dining, shopping, Harry Harris Park, and an easy one-hour drive to Miami. Whether you're searching for an immediate weekend getaway, a rental investment, or one of the few opportunities to build without waiting through the ROGO process, this property offers outstanding value with endless potential.