Terra, Fortune Land $220M Loan for Key Biscayne Condo Project

Terra and Fortune International Group have secured a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies for Silver Sands, a 56-unit condominium at 301 Ocean Drive in Key Biscayne. Touzet Studio and ODP are designing the building, with landscape architecture by Raymond Jungles.

The project sits on the former Silver Sands Beach Resort site, which the developers acquired for a record $205 million in April 2025, the largest land sale in Key Biscayne history. The Key Biscayne Council approved the project in October 2024. The developers plan to invest $1.5 million toward the village's Land Acquisition Trust for infrastructure and traffic improvements.

Residences range from 3,354 to 4,788 square feet. Amenities include a fine-dining restaurant, two pools, a fitness center, a spa, native tropical gardens and underground parking. Climate-resilient features include rain gardens, bioswales, drainage wells and a cistern designed to hold as much water on the property as possible.

Construction is expected to begin in 2026, and preconstruction sales are expected to launch later this year.