D
eveloper David Martin's Terra is planning a luxury condominium in Key Biscayne, replacing the Silver Sands Beach Resort at 301 Ocean Drive. The Coconut Grove-based company has an agreement to purchase the waterfront hotel and submitted plans to the village of Key Biscayne for approval. The Key Biscayne Council recently approved ordinances tied to the redevelopment project.

    Terra's purchase is contingent on the approvals, but a spokesperson did not disclose the sale price or timeline. Property records show Red Dragon's Sands Ltd., managed by Martha Castillo of Axis Development Corporation, as the seller. David Martin, CEO of Terra, stated that the new development will be inspired by Stiltsville.

    The project involves architects Carlos and Jacqueline Touzet and landscape designer Raymond Jungles. Terra plans to contribute $1.5 million towards public improvements. The 56-key Silver Sands hotel will be replaced with a 14-story, 56-unit condominium building, featuring amenities such as food and beverage outposts, a spa, and a proposed beach bar.

    The site's zoning allows for up to 116 hotel rooms or 62 residential units. Terra's attorneys estimate the project represents an investment of over $600 million, generating $86 million in property tax revenue for Key Biscayne over 30 years. Concerns about traffic, utility placement, and drainage issues were raised during the council meeting.

    The Silver Sands project would be built near existing condo developments Oceana Key Biscayne and Key Colony. Terra has multiple projects underway across South Florida, including a Miami Beach Convention Center Hotel and a Well mixed-use office project in Bay Harbor Islands.