Terra and Fortune International Group have secured a $220 million loan to build a luxury condominium on Key Biscayne's oceanfront.

The predevelopment financing from Blackstone Real Estate Debt Strategies (BREDS) will fund the next phase of a 56-unit project at 301 Ocean Drive, the former Silver Sands Beach Resort site, Commercial Observer first reported. Walker & Dunlop arranged the debt.

The Silver Sands building is expected to be the first new condominium project on Key Biscayne in more than a decade, according to Key Biscayne Portal. The developers plan to open presales before the end of 2026.

Terra and Fortune International Group bought the 3.8-acre beachfront property in April 2025 for $205 million. That was the highest price ever paid for land on the island, according to Key Biscayne Portal. Terra is led by CEO David Martin. Fortune International Group was founded by Edgardo Defortuna, a Key Biscayne resident.

The old resort, built in 1956, has since been demolished.

The Key Biscayne Village Council approved the project in October 2024. Plans call for a 13-story building with 56 residences and a 221-space underground garage. Touzet Studio and ODP are the architects. Landscape architect Raymond Jungles will handle the outdoor spaces.The council approved the hotel-to-residential conversion ordinance 7-0. Three variances also passed. Vice Mayor Allison McCormick voted against one variance and separately said, “We should build to code,” according to the Islander News.

Martin has said the building's design draws inspiration from Stiltsville, the historic stilt houses in Biscayne Bay.

As part of the approval, Terra committed $1.5 million to the village's Land Acquisition Trust. That money is earmarked for Holiday Colony neighborhood drainage improvements, according to Islander News coverage of the October 2024 council meeting. Other pledged contributions include $540,000 for the Sonesta Drive and Crandon Boulevard intersection, $275,000 for the Monaco Fountain Plaza and $75,000 for the dog park.

Martin said in April 2025 that the project aims to complement Key Biscayne's character and make a lasting impact on the community, according to Profile Miami.

Both developers have been active across South Florida. Fortune and partner KAR Properties secured an $817 million construction loan for Faena Residences Miami in late October, described as the largest condo construction loan ever recorded in Florida. Terra secured a $507 million construction loan for a Miami Beach waterfront tower, according to Commercial Observer.

Presales for the 56 Silver Sands units are expected before the end of 2026, according to Key Biscayne Portal.