Journal · In the News
By Josh Stein · Florida license SL3057661 · Updated 2 November 2026
On the record: The Real Deal reported on 30 October 2026, citing the developers’ release, that Terra and Fortune International Group got $220 million in pre-development financing from Blackstone Real Estate Debt Strategies for a 56-unit oceanfront condo at 301 Ocean Drive, Key Biscayne. Nothing is for sale yet: The Real Deal says the release expects pre-construction sales to launch this year. I found no public project name in anything I read as of 1 November 2026.
What the county record shows
The Miami-Dade Property Appraiser, pulled 1 November 2026, shows folio 24-4232-002-0160 at 301 Ocean Drive sold on 9 April 2025 for $205,000,000, from Red Dragon’s Sands Ltd to Environmental Resilient Communities LLC. The record doesn’t name Terra or Fortune, though the date and price match what Commercial Observer reported as their purchase on 10 April 2025. Commercial Observer also reported on 17 April 2025 that the buyers took $145 million in seller financing, per mortgage documents.
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Last updated November 2, 2026, 4:28 pm
The site size depends on who you ask: the county lists 169,388 square feet, about 3.89 acres, while The Real Deal’s 30 October 2026 story says 4.25 acres.
What’s planned, and what isn’t public
The Real Deal’s 30 October 2026 story describes 14 stories and names Touzet Studio and ODP as architects. Commercial Observer said 13 stories in April 2025. The Real Deal reported on 25 October 2024 that the Key Biscayne Village Council approved the site plan, and its 2026 story says it’s unclear whether the scope has changed. The Village posted on 27 April 2026 that work on the old Silver Sands Beach Resort would start the next day.
Not published as of 1 November 2026, in the sources I read: a price, a unit mix, a sales date, the height in feet, a building permit, or the loan’s rate and term. I didn’t check for a recorded mortgage.
Why I look at the money first
When a client asks me about a new tower, I look at the money before the kitchen. Two things stand out here. A $205 million land price on the county record tells you what this site cost before anyone builds on it. And this is pre-development money, as The Real Deal describes it. It isn’t a construction loan, and it doesn’t tell you the building will be delivered or when.
When sales open, I’d ask who is lending the construction money, which company signs your contract, how your deposit is held, and what delivery date the contract actually says.
Where to go from here
For what’s already sold on the island, see Key Biscayne condos. The free Miami Buyer’s Guide shows what buyers paid on the county record, and my post on the St. Regis Sunny Isles Beach financing looks at another oceanfront loan.
Josh Stein is a sales associate with LoKation Real Estate. Want to know when sales open at 301 Ocean Drive? Call or WhatsApp (305) 695-8257.
Sources: The Real Deal, 25 October 2024 and 30 October 2026; Commercial Observer, 10 and 17 April 2025; Village of Key Biscayne notice, 27 April 2026; Miami-Dade County Property Appraiser, pulled 1 November 2026. All read 1 November 2026. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. Josh Stein is not the developer or its agent.
How has your building held its value? The Miami Condo Index ranks Miami condo buildings by their county sale records: real price per square foot, turnover and four-year change.