David Martin partnered with Edgardo Defortuna to pay a record $205 million for a Key Biscayne development site where they plan a 56-unit ultra-luxury condo building.
Martin’s Miami-based Terra and Defortuna’s Miami-based Fortune International Group acquired the former Silver Sands Beach Resort property at 301 Ocean Drive, according to a press release. Terra secured approval for the project last fall.
The sale of the 3.9-acre property marks a record for land sales in Key Biscayne. Little new development has occurred in the town, in part due to strict zoning rules. In November, the owner of penthouse units near the project challenged the approval based on what it alleges was failure to provide sufficient notice for the hearing last year, the Key Biscayne Independent reported.
Records show Red Dragon’s Sands Ltd., a Florida entity managed by Martha Castillo of Axis Development Corp., sold the property. The developers’ purchase was contingent on the approvals. In October, the Key Biscayne Council approved ordinances tied to the planned redevelopment of the property.
The land price breaks down to $3.7 million per planned unit. That means the developer will be selling the units for much higher prices.
The developers plan to brand the 14-story building, which will include a fine dining restaurant, two pools, a gym and spa, according to the release. Touzet Studio is the architect and Raymond Jungles is designing the landscaping. The design was inspired by Stiltsville, a group of wood stilt houses in Biscayne Bay. The homes, built in the 1930s, are no longer inhabitable.
Construction of the Key Biscayne project is expected to begin next year. Terra said it planned to invest $1.5 million that will go into the village’s Land Acquisition Trust, to fund infrastructure and traffic improvements.
Defortuna, a longtime Key Biscayne resident, and Martin both have a number of luxury condo projects underway in South Florida. Terra’s pipeline of planned condo developments includes Villa Miami in Edgewater, Jean-Georges Miami Tropic Residences in Midtown Miami and the Well Coconut Grove, across from Terra’s headquarters. In Miami Beach, Terra is working with the Meruelo family on the proposed redevelopment of the Deauville Beach Resort, which would include a 120-unit luxury condo component.
Fortune’s current projects include Ora by Casa Tua in Brickell, near its headquarters; Ritz-Carlton Residences, Pompano Beach; St. Regis Residences, Sunny Isles Beach; and Faena Residences Miami.
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Development
South Florida
David Martin’s Terra plans beachfront Key Biscayne condo development
Development
South Florida
South Florida’s condo whisperer