- Terra and Fortune International paid $205M for the Silver Sands Beach Resort site in Key Biscayne, marking the return of new condo development to the island after more than a decade.
- The 13-story, 56-unit luxury project will rise on a 3.8-acre oceanfront site at 301 Ocean Drive, with construction expected to begin in late 2026.
- The development brings together two of South Florida’s most prominent condo developers and will feature architecture by Touzet Studio and landscaping by Raymond Jungles.
First Condo In Over A Decade
Key Biscayne, long known for its exclusivity and low-rise character, hasn’t seen a new condo development in more than 10 years—until now, as reported by Commercial Observer.
Terra and Fortune International Group are breaking that streak with the acquisition of the Silver Sands Beach Resort, a 56-room motel occupying a rare 3.8-acre oceanfront site.
Located at 301 Ocean Drive, the site was acquired for $205M from Red Dragon’s Sands, and it will soon be home to a 13-story luxury condominium.
Upscale, Low-Density Living
The project, already approved by the city commission, will consist of 56 condo units and 221 underground parking spots. Touzet Studio, known for its modernist aesthetic, is leading the architecture, with landscape design from Raymond Jungles.
Developers aim to preserve the island’s low-density appeal while delivering a high-end product tailored to the upscale community.
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Powerhouse Partnership
This isn’t Fortune and Terra’s first foray into high-profile luxury. Fortune recently secured major financing for Ritz-Carlton and St. Regis-branded towers in Pompano Beach and Sunny Isles, respectively. Terra, meanwhile, has just delivered a 48-story tower in South Beach and has a celebrity-chef-branded project in Midtown Miami.
Their track record points to Key Biscayne becoming another standout in South Florida’s luxury condo development boom.
Why It Matters
With limited developable land and strict zoning, Key Biscayne offers rare entry into one of Miami-Dade’s most exclusive neighborhoods. The new project meets pent-up demand for modern luxury residences on the island—and underscores the trend of developers investing heavily in low-density, high-luxury coastal enclaves.
Construction is expected to kick off in late 2026, with more details on unit pricing and design likely to emerge as planning advances.
