Terra and Fortune International Group formed a partnership to acquire the former Silver Sands Beach Resort in Key Biscayne, where they plan to develop a 56-condominium ultra-luxury, boutique-branded community. 

The $205 million paid for the former resort is the highest amount paid for any property in Key Biscayne, according to the developers. Construction of the project, located at 301 Ocean Drive, is expected to begin late next year. 

The property’s branding has not been revealed, but it will feature an array of luxury amenities, including a fine-dining restaurant, two resort-style pools, social areas and a fitness center and spa. 

Architect Touzet Studio is designing the building alongside landscape architect Raymond Jungles. The development will include numerous resiliency and sustainable elements, such as rain gardens, bioswales, drainage wells and a cistern, which will work to maximize water retention and prevent runoff into neighboring properties. 

The design is inspired by Stiltsville, a group of wooden-stilt houses built in the 1930s on the edge of Biscayne Bay, and will have a “tropical modern design that appears to float above a lush landscape of native trees and climate-appropriate vegetation.”

“As a long-time resident of Key Biscayne, I have a deep appreciation for the island’s one-of-a-kind character and the high standards its residents expect and deserve,” Fortune International Founder and CEO Edgardo Defortuna said in a press release. “I know this community inside and out — its rhythms, its beauty and its people — and I am passionate about ensuring that what we build reflects and respects that legacy.”