I believe a more appropriate name would be "Cedar Key".
Cedar Key became an important port, shipping lumber and naval stores harvested on the mainland. By 1860, two mills on Atsena Otie Key were producing "cedar" slats for shipment to northern pencil factories. As a result of the growth, the US Congress appropriated funds for a lighthouse on Seahorse Key in 1850. The Cedar Key Light was completed in 1854. The lighthouse lantern is 28 feet (8.5 m) above the ground, but the lighthouse sits on a 47-foot-high (14 m) hill, putting the light 75 feet (23 m) above sea level. The light was visible for 16 miles (26 km). Wood-frame residences were added to each side of the lighthouse several years later.
In 1860, Cedar Key became the western terminus of the Florida Railroad, connecting it to Fernandina Beach, Florida on the east coast of Florida. David Levy Yulee, U.S. senator and president of the Florida Railroad, had acquired most of Way Key to house the railroad's terminal facilities. A town was platted on Way Key in 1859, and Parsons and Hale's General Store, which is now the Island Hotel, was built there in the same year. On March 1, 1861, the first train arrived in Cedar Key, just weeks before the Civil War began.
In 1843, at the end of the Second Seminole War, a New Englander namedAugustus Steele bought the military structures there for $227.00, and was granted ownership of the 167 acres of Atsena Otie. This island then became the nucleus of the first organized white settlement in the area. With a good deep-water dock, it soon became the major port for trans-shipment of cotton, sugar, tobacco and lumber produced around the Gulf and on inland plantations. Judge Steele had a friend, Davld Levy Yulee(one of Florida's first US. Senators) who organized and eventually built the first cross- Florida railroad. The line ran from Fernandina on the Atlantic (just north of Jacksonville) to Way Key on the Gulf of Mexico, the site of present day Cedar Key. As the railroad neared its western terminus, Yulee was able to acquire most of the land on Way Key, and in 1859 had a town plat issued which comprised a street grid for the City of Cedar Key. This plat was used by the Florida Railroad Company, and suddenly Cedar Key became a company town.
See also:
https://en.wikipedia.org/wiki/Florida_Railroad