Terra Group and Fortune International Group have secured $220 million in predevelopment financing for a 56-unit luxury condominium planned for Key Biscayne, Florida. The 14-story project will replace the former Silver Sands Beach Resort on a four-acre oceanfront site. Blackstone Real Estate Debt Strategies provided the loan, arranged by Walker & Dunlop.
Key takeaways
- The $220 million loan will support predevelopment of the planned condominium at 301 Ocean Drive.
- The project calls for 56 three-bedroom residences, with prices starting at $4 million.
- Plans include resort-style amenities, stormwater measures and contributions toward local infrastructure and public spaces.
- Preconstruction sales are expected to begin later in 2026.
A boutique project on a historic resort site
The development is planned for the former Silver Sands Beach Resort property, a four-acre site whose 1956-built structures have been demolished. Terra and Fortune acquired the land in 2025 for $205 million, then the largest land purchase in Key Biscayne’s history. The redevelopment had received approval in late 2024, according to The Real Deal.
The 14-story building will be surrounded by native landscaping. The project team includes Touzet Studio, ODP Architecture and Design, and landscape architect Raymond Jungles. Its location offers access to nearby beaches, natural areas and water sports, while downtown Miami is about nine miles away and Miami International Airport roughly 15 miles northwest.
Residences, amenities and resilience plans
The project is set to contain 56 three-bedroom homes ranging from 3,354 to 8,086 square feet. Prices are slated to start at $4 million. Planned amenities include two resort-style pools, a fine-dining restaurant, fitness and spa facilities, and shared social spaces.
The developers also plan to incorporate resilience and sustainability features, including rain gardens, drainage wells and a cistern designed to retain stormwater. Terra and Fortune will invest in improvements to local drainage infrastructure and contribute toward traffic circulation upgrades and community parks through the Village’s Land Acquisition Trust.
Financing adds to South Florida’s luxury pipeline
The loan comes amid a busy period for luxury development financing in the Miami area. Fortune and KAR Properties recently secured an $817 million construction loan for Faena Residences Miami, a planned 406-unit condominium project. Fortune also obtained a $463 million refinancing for the two-tower St. Regis Residences in Sunny Isles Beach.
Terra has also secured financing for other regional projects, including $507 million in construction financing for a waterfront development in Miami Beach and a $245 million loan for the multifamily phase of the mixed-use Upland Park project. The Key Biscayne loan adds another large-scale residential development to the companies’ South Florida portfolios.