Terra and Fortune International Pay $205M for Condo Site on Miami’s Key Biscayne
It’s the first new condo development in Key Biscayne in over a decade
By Julia Echikson April 10, 2025 12:50 pm
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High-profile developers Terra and Fortune International Group have paid $205 million for an oceanfront motel on the eastern edge of Key Biscayne, a wealthy island town in the waters off Miami, where they plan to build a luxury condo development.
The 56-room Silver Sands Beach Resort sits on a 3.8-acre site at 301 Ocean Drive. In October, Key Biscayne’s city commission approved plans for a 56-unit condo building with 221 subterranean parking spots to replace the motel.
The 13-story project will mark the first new condo development in Key Biscayne in over a decade. Construction is estimated to begin in late 2026. The joint venture has enlisted architecture and design firm Touzet Studio and landscape architect Raymond Jungles.
“As a longtime resident of Key Biscayne, I have a deep appreciation for the island’s one-of-a-kind character and the high standards its residents expect and deserve,” Edgardo Defortuna, CEO and founder of Fortune International Group, said in a statement.
The 288,163-square-foot project will pair up two of the biggest names in South Florida condo development. Last year, Fortune International Group scored a $259 million construction loan for a Ritz-Carlton-branded condo project in Pompano Beach and $219 million for a St. Regis-branded condo project in Sunny Isles Beach.
Terra, led by David Martin, has just completed a 48-story condo tower in South Beach and has launched a condo development branded after celebrity chef Jean-Georges Vongerichten in Midtown Miami.
A representative for Silver Sands Beach Resort’s owner, Red Dragon’s Sands, could not be reached for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
