In the languid dawn of 2025, the Miami hotel market stirred, its pulse racing with a series of high-stakes transactions. A joint venture between David Martin's Coconut Grove-based Terra and Edgardo DeFortuna's Miami-based Fortune International Group made waves with the purchase of the oceanfront Silver Sands Beach Resort in Key Biscayne for $205 million. This record-breaking deal, which closed in April, not only marked the most expensive hotel purchase of the year but also set a new benchmark for development site sales in Key Biscayne. The 50-room hotel, situated on 3. 9 acres at 301 Ocean Drive, is slated for redevelopment into a 14-story boutique condominium featuring 56 units.
The sale price worked out to $52. 6 million per acre, a testament to the site's prime location and potential. The affiliate of Coral Gables-based Axis Development Corporation, which sold the property, likely recognized the immense value of this beachfront parcel. Meanwhile, developer Michael Shvo was forced to relinquish control of the historic Art Deco hotel at 1775 Collins Avenue, a property he had envisioned transforming into a 17-story luxury condo tower.
A winning bid of $204.
David Martin's Coconut Grove-based Terra and Edgardo DeFortuna's Miami-based Fortune International Group splashed into Key Biscayne with the most ...Other references and insights: See here
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