Miami Developers Make Historic $205 Million Condo Purchase

Luxury Condo Development in Key Biscayne

News Summary

In a landmark real estate transaction, Miami developers Terra and Fortune International Group have acquired the Silver Sands Beach Resort in Key Biscayne for $205 million, marking the largest property sale in the village’s history. Plans are in motion for a new luxury condominium that will introduce 56 high-end units and various amenities, setting a new standard for future developments. As construction is expected to start in late 2026, this project aims to enhance the community while adhering to strict zoning regulations.

Miami Developers Make Waves with Historic Condo Purchase in Key Biscayne

Miami is buzzing with excitement as two local developers, Terra and Fortune International Group, have just made a splash in the real estate market with a whopping $205 million purchase of the Silver Sands Beach Resort in Key Biscayne. This jaw-dropping transaction marks the largest property sale ever recorded in this picturesque village, setting a new benchmark for future developments.

A Rich History Meets Ambitious Plans

Located right on the oceanfront at 301 Ocean Drive, the Silver Sands Beach Resort was originally built in 1956 and featured 56 cozy rooms. However, after being sold for only $6.4 million back in 1991, it’s evident just how much this property has appreciated over time. Now, this beloved hotel will be retired as plans unveil for a luxurious condominium, which is notably the first new condo development in the village in over a decade!

What’s in Store for Key Biscayne?

As part of their ambitious project, the developers plan to construct a 13-story luxury condo covering a massive 288,163 square feet. It promises to be a game-changer for the community, featuring 56 exquisite condominiums along with 221 underground parking spaces. Although the specific details regarding sizes and prices are still under wraps, the approved designs indicate that most condos will range from 3,354 to 4,788 square feet. There will even be two top-floor units, boasting a whopping 8,086 square feet each, complete with stunning rooftop pools.

Luxurious Amenities Await

Condo residents can look forward to a life of luxury, with potential amenities that are more like a vacation resort! From multiple restaurants and a lavish spa to a fully equipped gym and a lively beach bar housed in a separate lodge building, there’s something for everyone. Plus, three sparkling swimming pools will be part of the package. To top it off, the building will be equipped with eco-friendly solar panels on the roof—showing a commitment to sustainability that the island community will surely appreciate.

Investing in the Community

Key Biscayne officials have already given their nod to the condo plans, and the developers are dedicated to not just creating a luxurious living space but also enhancing the overall quality of life for residents. Their vision includes investing in local infrastructure while committing an impressive $1.5 million to the Key Biscayne Land Acquisition Trust to boost resilience in the area.

Navigating Zoning Challenges

Given that Key Biscayne is known for its strict zoning laws, the approval of this high-profile project is a significant achievement. It shows the developers’ commitment to meeting community standards and addressing local needs—an aspect that hasn’t gone unnoticed in this tight-knit village.

Looking Ahead

Construction for this luxury condo project is anticipated to kick off in late 2026, which has many locals eagerly awaiting the changes ahead. As Miami continues to grow, this new development aims to blend seamlessly with the island’s natural beauty, all while promising luxury and modern living in one of the most exclusive neighborhoods in South Florida.

With so much exciting change on the horizon, it’s clear that Key Biscayne is stepping into a vibrant new chapter. Residents and potential buyers alike will be watching closely as this coastal gem transforms from a charming hotel to a high-end oasis on the beach!