Terra obtains approval for Key Biscayne condo project

Developer David Martin plans a luxury condominium in Key Biscayne, on the site of the Silver Sands Beach Resort.

Terra, based in Martin’s Coconut Grove, is in contract to purchase the oceanfront hotel at 301 Ocean Drive, according to an application filed with the town of Key Biscayne.

The Key Biscayne Council approved ordinances tied to the planned redevelopment of the property at its meeting Tuesday.

Terra’s purchase of the 3.9-acre beachfront property was contingent on approvals. A spokesman 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. as the seller. Martha Castillo of Axis Development Corporation manages the Florida entity.

In a statement, Martin, Terra’s CEO, said the redevelopment will take inspiration from Stiltsville.

Terra obtains approval for Key Biscayne condo project — Renderings of the Silver Sands (Terra) project

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 by a 14-story, 56-unit, 288,163-square-foot condo building, plans show. Amenities would include food and drink stands, a spa and a proposed beach bar, according to a letter filed 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 both.

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 the Key Biscayne council meeting this week, council members approved the site plan and two variances tied to the building’s setback and height based on flood elevation. Concerns with the project included traffic generated by the new condo building, the location of utilities and drainage issues, according to the Key Biscayne Independent.

Development in 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 condominium developments.

Terra has projects underway throughout South Florida, including the Miami Beach Convention Center hotel with co-developer Jackie Soffer; a condo tower in Miami’s Midtown that will 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 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 on Five Park, a luxury condo tower at the entrance to South Beach.