Key Biscayne's record-setting oceanfront parcel now has $220 million behind it, as the developers of the 4.25-acre former Silver Sands Beach Resort property at 301 Ocean Drive have just secured a predevelopment loan of that size ahead of a preconstruction sales launch expected later in 2026. The ground under it sold for $205 million in 2025, the largest land sale in Key Biscayne history, and the new financing carries that record parcel toward the 56-residence ultra-luxury boutique condominium it will become.
Blackstone Real Estate Debt Strategies is the lender, with Terra and Fortune International Group, the Miami-based firms developing the condominium as a joint venture, securing the loan through Walker & Dunlop Capital Markets Institutional Advisory, whose team of Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, and Nicholas Gilhooley arranged the financing on the developers' behalf. David Martin, Terra's CEO, called it a next step toward bringing the 56-residence condominium to market. "This financing represents an important next step as we advance our vision for this exceptional oceanfront property and prepare to bring the project to market," he said. "We have approached the site with a deep respect for Key Biscayne and its unique character, and we look forward to delivering a project that reflects the thoughtful design, quality and long-term resiliency this community deserves."
Touzet Studio and ODP are designing the building, with landscape architecture by Raymond Jungles. The architecture will be tropical-modern, drawing on Stiltsville, the historic stilt houses that stand in Biscayne Bay, and the plans call for the building to be surrounded by native landscaping by Jungles. The same plans carry the resiliency work: rain gardens, bioswales, drainage wells, and a cistern designed to hold as much water on the property as possible and cut runoff into neighboring lots. Beyond its own boundaries, the development team is putting money into improvements to local drainage infrastructure. It is also contributing toward traffic circulation upgrades and community parks through the Village's Land Acquisition Trust.
Key Biscayne sits between Biscayne Bay and the Atlantic Ocean, minutes from Miami, and it evolved into a residential enclave known for its landscape and its tight-knit community. The island was once a coconut plantation and later the site of Miami's first resort hotel. Fortune is currently developing Faena Residences Miami, St. Regis Residences in Sunny Isles Beach, and ORA by Casa Tua in Brickell, while Terra is building Villa Miami in Edgewater and Mr. C Hotel & Residences West Palm Beach, having recently completed Five Park Miami Beach and Mr. C Residences Coconut Grove. Fortune's recently completed work includes The Ritz-Carlton Residences and Jade Signature in Sunny Isles Beach, and Auberge Beach Residences & Spa in Fort Lauderdale.
Preconstruction sales are expected to launch later this year.