So I did like many others and wasted a bit of time looking for this loc and believing my time was off I ran around and killed a few scorpikis that were wondering around. Read a few more post on the loc and found that The One Key is NOT on the ground. It's on the tall standing island across from the second arch. If your an enchanter and did the epic quest in order than you have ran past this tall island going to hail Modani. Loc of the key (small bag) is -190 -385 -203 you will need some form of levitate to reach the island.
Original 1999 EQ - Kewe Barbarian Shaman
2nd gen enchanter - Rathe Server
GenX FAFO