Miami-based developers Terra Group and Fortune International Group have partnered to acquire the former Silver Sands Beach Resort property in Key Biscayne for a record-setting $205 million — the highest-priced land sale in the island’s history.
Located at 301 Ocean Drive, the oceanfront property will soon be home to an ultra-luxury, 56-residence branded condominium. Construction on the 14-floor building is expected to begin in late 2026. The project marks the first newly built development in Key Biscayne in over a decade, the developers said in a news release on Thursday.
“Our vision for this special property is not only to create a space that complements the beauty and heritage of Key Biscayne but also to make a lasting, positive impact on the community for generations to come,” said David Martin, CEO of Miami-based Terra, in the news release.
The Silver Sands is one of the last of a dying breed of small, modest resorts that used to be common along the state’s beaches.
The new development, designed by Touzet Studio with landscaping by Raymond Jungles, will feature a modern tropical design inspired by the historic Stiltsville structures on Biscayne Bay. Residences will offer panoramic ocean views along with two resort-style pools, social areas, and a fitness center and spa.
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Terra and Fortune, in the news release, said environmental sustainability is at the forefront of the project. Features such as rain gardens, bioswales, drainage wells, and a cistern will work together to maximize water retention and prevent runoff into neighboring properties.
A Village zoning change gave Martin rights to raise the building three feet to account for predicted sea level rise.
“By incorporating sustainable design elements and investing in resiliency and infrastructure improvements in the Village, we are committed to enhancing the quality of life for residents and preserving the natural beauty of the island,” Martin said.
There is a bit of a wrinkle, however. A spokeswoman representing the developers did not respond to a question about pending litigation.
An owner of penthouse condo units nearby is threatening to delay the 301 Ocean project. Key Biscayne Park Acquisition (KBPA) LLC, the owner of units in the north tower of the Oceana building, is seeking to overturn the zoning change. The owner — an entity managed by the family of late billionaire Sheldon Adelson — alleges a failure to provide procedural due process for not giving proper notice and claims the new building will obstruct the view.
A three-judge panel with the Miami-Dade Circuit Court, which functions as an appeals court in the case, has heard arguments but has yet to rule.
A lawyer for Terra Group described the plaintiff as a “disgruntled, absentee neighbor that fails to check its mailbox.”
This story was originally published in the Key Biscayne Independent, a WLRN News partner.
