• Preheat the oven to 350 degrees, grease and flour three 8×2 inch round pans.(We also like to add circles of parchment to the bottom of the pans.)
• In a medium bowl, whisk the flour, baking powder, baking soda, and salt. Set aside.
• In another bowl, add the buttermilk, vegetable oil, lime zest and key lime juice.  Set aside.
• In the bowl of your mixer, add the butter and mix at medium speed until smooth. Gradually add the sugar and continue to mix on medium speed for 3 to 5 minutes until lightened in color and fluffy.
• Add the eggs one at a time mixing until the yellow of the yolk disappears.
• With the mixer on low speed, alternately add the flour mixture and buttermilk mixture, beginning and ending with the dry ingredients (3 additions of dry ingredients and 2 of liquid). Mix just until combined (do not overmix).
• Divide batter between three prepared 8 inch cake pans.
• Bake at 350 degrees for 22-24 minutes or until a toothpick inserted in the center comes out clean or with just few crumbs attached. Let cool 10 minutes and turn out.

For the Coconut Cream Cheese Frosting

• Freeze your mixing bowl and beaters 15 minutes before whipping the cream (30 minutes if chilling in the refrigerator. 
• Use the whisk attachment for a stand mixer, beaters on your hand mixer.  Beat the whipped cream until stiff peaks form. You are at the stiff peak stage when you lift the beater and the cream stands straight up forming a peak. Keep in the refrigerator while completing the next step.  
• In another bowl combine the cream cheese, powdered sugar and coconut extract and key lime juice.  Beat until very smooth.  Fold the whipped cream into this mixture. Cover and refrigerate.  If you are piping this frosting and it becomes too soft, just refrigerate the filled piping bag for a short while.