Terra and Fortune International Group have secured a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies (BREDS) for a planned oceanfront condominium development at 301 Ocean Drive in Key Biscayne, Florida. The project is planned for the 4.25-acre former Silver Sands Beach Resort property, which the developers acquired for $205 million in 2025. Touzet Studio and ODP are designing the development, which will feature tropical-modern architecture, expansive residences, and landscaped outdoor spaces.
The financing was arranged by Walker & Dunlop Capital Markets Institutional Advisory on behalf of the development team. The transaction was led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, and Nicholas Gilhooley.
The $205 million acquisition in 2025 represented the largest land sale in Key Biscayne’s history. The newly secured financing will support predevelopment activities as Terra and Fortune International Group advance plans for the property. Preconstruction sales are expected to launch before the end of 2026.
The proposed development will comprise a boutique condominium building with spacious residences overlooking the Atlantic Ocean. Architectural plans by Touzet Studio and ODP incorporate a tropical-modern design approach, with native landscaping surrounding the residential structures and outdoor amenity areas. Additional details regarding the building’s height, floor count, residential unit count, and total development area have not been disclosed.
Stormwater management and resiliency measures are also incorporated into the plans. These include rain gardens, bioswales, drainage wells, and a cistern intended to increase on-site water retention and reduce stormwater runoff onto neighboring properties. The developers are also planning improvements to local drainage infrastructure and contributions toward traffic circulation upgrades and community parks through the Village of Key Biscayne’s Land Acquisition Trust.
The property occupies an oceanfront parcel on the eastern side of Key Biscayne, a barrier island southeast of Downtown Miami. The site was previously occupied by the Silver Sands Beach Resort, and its redevelopment represents a new residential proposal along the island’s Atlantic coastline.
Terra’s recently completed condominium developments in South Florida include Five Park Miami Beach, Mr. C Residences Coconut Grove, and THE WELL Bay Harbor Islands. The firm’s current development portfolio includes Villa Miami in Edgewater, Jean-Georges Miami Tropic Residences in Midtown Miami, THE WELL Coconut Grove, and Mr. C Hotel & Residences West Palm Beach.
Fortune International Group’s completed residential developments include The Ritz-Carlton Residences and Jade Signature in Sunny Isles Beach, Nexo Residences in North Miami, and Auberge Beach Residences & Spa in Fort Lauderdale. Its ongoing projects include The Ritz-Carlton Residences Pompano Beach, The St. Regis Residences in Sunny Isles Beach, Faena Residences Miami, and ORA by Casa Tua in Brickell.
The developers and financing representatives provided the following statements regarding the transaction.
“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,” said David Martin, CEO of Terra. “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.”
“Since acquiring this property, we have remained focused on creating a residential offering that is truly worthy of Key Biscayne and this extraordinary oceanfront setting,” said Edgardo Defortuna, CEO and Founder of Fortune International Group. “As we move closer to launching sales, we are excited to introduce a project that combines exceptional design, expansive oceanfront living and a deep connection to the character and lifestyle that make Key Biscayne so special.”
“Terra and Fortune are best-in-class developers, and Silver Sands reflects their expertise in delivering exceptional luxury residences,” said Keith Kurland, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop. “We appreciate the opportunity to work with BREDS to arrange this financing and help bring their vision for Key Biscayne to life.”
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Oh, the silver sands. What’s simple great place it was.