Terra and Fortune International paid $205 million for the 301 Ocean Drive site to develop 56 oceanfront residences. The island's first new condominium in over a decade.
In April 2025, Terra and Fortune International Group acquired the historic Silver Sands Beach Resort at 301 Ocean Drive for $205 million — the highest land sale on record in Key Biscayne history. In its place will rise a boutique condominium of 56 oceanfront residences, with architecture by Touzet Studio and landscape design by Raymond Jungles. Construction is estimated to begin in late 2026.
To read that price you have to understand the island. Key Biscayne is its own municipality — the Village of Key Biscayne — with rules that limit density, plus two state parks, Crandon Park and Bill Baggs Cape Florida, that occupy much of the land. Developable land is finite and there is almost no pre-construction: available inventory is nearly all secondary market. Silver Sands is the first exception in over a decade.
$205 million for the right to build 56 residences is the market putting a number on that scarcity. When two of Miami's most active developers pay a record for so few units, the bet is not on volume — it is on what cannot be repeated.
The design draws on the stilt houses of Stiltsville, in a tropical-modern language, and incorporates climate resilience — rain gardens, bioswales and underground water-recovery cisterns — alongside a restaurant, two resort-style pools, a fitness center and spa.
Launch pricing has not been published yet by the developers. If you want floor plans, pricing and selection priority as soon as they become official, write to me and I will let you know first.
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Construction is estimated to begin in late 2026. A delivery date has not been announced yet.
Launch pricing has not been published by the developers yet. Miami pre-construction typically uses a staged payment structure (reservation, groundbreaking, top-off and balance at closing), but this project's terms will only be known at official launch.
Miami pre-construction by institutional developers accepts foreign buyers, with remote closing. I guide the entire process, from purchase structure through closing.
Live island inventory from MLS — oceanfront condos and waterfront homes — is on the neighborhood page, updated in real time.
I'll let you know as soon as floor plans, launch pricing and selection priority are published — with an honest read on whether it makes sense for you. No sales pressure.