Developer David Martin plans a luxury condominium in Key Biscayne, on the site of the Silver Sands Beach Resort.
Martin’s Coconut Grove-based Terra is under contract to purchase the waterfront hotel at 301 Ocean Drive, according to an application submitted to the village of Key Biscayne.
The Key Biscayne Council approved ordinances tied to the planned redevelopment of the property at its meeting on Tuesday.
Terra’s purchase of the 3.9-acre beachfront property was contingent on the approvals. A spokesperson for the developer did not respond to questions about the purchase price and when the sale would occur. Property records show Red Dragon’s Sands Ltd. is the seller. Martha Castillo of Axis Development Corporation manages the Florida entity.
In a statement, Martin, CEO of Terra, said the redevelopment will be inspired by Stiltsville.
Architects Carlos and Jacqueline Touzet and landscape designer Raymond Jungles are working on the new project. Terra also plans to contribute about $1.5 million to fund public improvements, according to plans filed with the city.
The 56-key Silver Sands will be replaced with a 14-story, 56-unit, 288,163-square-foot condo building, plans show. Amenities would include food and beverage outposts, a spa and a proposed beach bar, according to a letter submitted by Shubin Law attorneys John Shubin and Ian DeMello. The site’s zoning allows for up to 116 hotel rooms, 62 residential units or a combination of the two.
Terra’s attorneys wrote that the project represents an investment of more than $600 million, with $86 million in property tax revenue projected for Key Biscayne over the next 30 years.
At Key Biscayne’s council meeting this week, council members approved the site plan and two variances tied to the setback and building height based on flood elevation. Concerns with the project included traffic generated from the new condo building, the placement of utilities and drainage issues, according to the Key Biscayne Independent.
Development on Key Biscayne has been limited over the years. The Silver Sands project would be built immediately north of Oceana Key Biscayne, which was developed by Eduardo Costantini’s Consultatio, and south of Key Colony. Both are condo developments.
Terra has projects underway across South Florida, including the Miami Beach Convention Center Hotel with co-developer Jackie Soffer; a condo tower in Miami’s Midtown to be branded by French chef Jean-Georges Vongerichten and co-developed by Lion Development; and the Well mixed-use office project in Bay Harbor Islands.
Martin’s firm is also co-developing a Mr. C Residences in West Palm Beach, and planning a Well-branded residential project in Coconut Grove. Terra and developer Russell Galbut are completing construction of Five Park, a luxury condo tower at the entrance to South Beach.
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