by Charu Suri
Last updated: 4:00 AM ET, Mon June 12, 2017

When developer Brad Weiser and his business partner, Matthew Strunk initially saw the opportunity in Stock Island-a languorous and sleepy place above Key West, Florida known for its shrimping and fishing scene-they immediately saw the possibilities.

"We realized that this place had been flying under the radar for some time," says Weiser, whose company, Hostmark Hospitality, purchased the land. Together with his business partner Strunk, they tore down several buildings on 12 acres to make way for the current project called the Perry Hotel, which opened its doors on May 1.

Stock Island had little going for it except its fishing scene and plenty of livestock, which gave the place its name. When a lot of the settlement in Key West happened during the 1850's, Old Town was where the majority of the buzz was; New Town still retained the mangroves and saltwater pond flavor but gradually was built up in the 1950s.

Stock Island still remained largely forgotten, and its position next to the sleepy Cow Key cemented its overlooked position. When Weiser and Strunk conceived the Perry Hotel, they had to roll up their sleeves and clear out a junkyard to make it more of a destination, spending around $30 million in the process.

The hotel is now a three-storied 82,000 square-foot building sitting on four acres of land.

"Stock Island was a working waterfront, and these were some of the best fishermen in the country," explains Weiser of the allure. "It was really the first of the Caribbean islands to make up Key West."

Hostmark Hospitality wasn't the first to spot the opportunity of a lodging here. A group of investors in the last real estate boom had gathered momentum to build property along the marina, but they ran into some opposition, the market went bust and the deal eventually fell apart.

The 100-room nautically-themed hotel with spectacular balconies located on a three-year-old, private 220-slip marina in the Stock Island Marina Village has suddenly become the hugest magnet attracting visitors to the area, turning the island into a destination almost overnight.

Inside The Perry

"The Perry" pays homage to Commodore Matthew C. Perry, who, in the 1820's, commanded the USS Shark to Key West and declared the Florida Keys as U.S. soil.

There's a very nautical and warm vibe to the place, with the interior design conceptualized by South Florida native, Blaire Weiser, through a Denver-based design team called Johnson Nathan Strohe. Visitors can find tactile, sharp and rugged elements with warm, ocean-inspired touches to evoke the stories of pirates and fishermen who once sought refuge in Safe Harbor.

Luxurious touches include an onsite distillery, as well as an artists' studio and Stock Island's Arts & Provisions, which will feature rotating installations created by Key West craftsmen.

Matt's Stock Island Kitchen and Bar and The Salty Oyster Dockside Bar and Grill offer regional American coastal comfort food, along with a raw bar and bespoke cocktails. Executive Chef Ryan Fredstrom, a Florida-native and avid fisherman serves fresh seafood sourced from the waters in the property's own backyard.

[READMORE]READ MORE: Five Great Places to Stop in the Florida Keys[/READMORE]

Travelers can spot Key West-themed paintings and photography by Leo Gullick, a local artist known for his contemporary style and nautical inspirations.

For those with Cuba wanderlust, itineraries are run by a company called Harmony Yacht Vacations.

Most of all, there's a "where everyone knows your name" vibe to the area, says Weiser. "The piers are dotted with 100-foot yachts, 50-foot catamaran sailboats, and everyone says hello to each other."

Room rates start from $189.

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