Visuals
The oceanfront concept
An independent economic and fiscal impact analysis of the redevelopment of the Silver Sands site at 301 Ocean Drive, quantifying what the project delivers to the Village of Key Biscayne in tax revenue, jobs, and local economic output.
BusinessFlare® prepared an independent fiscal and economic assessment of the redevelopment of the Silver Sands site at 301 Ocean Drive in the Village of Key Biscayne, Florida. The analysis measured the direct financial and revenue impact to the Village alongside the broader economic benefits generated during construction and long-term operation. The site plan for the project subsequently received public approval.
The study evaluated development options for the parcel, including a 56-unit oceanfront condominium and, for comparison, a 116-key hotel. Using established input-output methodology and Village millage and taxable-value data, the assessment translated each option into concrete numbers the community and decision-makers could weigh: property-tax revenue to the Village, construction jobs and earnings, recurring operating impact, and local spending.
The 56-unit condominium option is projected to reset the property's taxable value to roughly $750 million at completion, lifting the site's annual contribution to Village ad valorem receipts from under $300,000 today to about $2.3 million — and delivering an estimated $86 million in property-tax revenue to the Village over the first 30 years. Construction alone is estimated to support more than 2,300 jobs and roughly $297 million in local economic output.
How BusinessFlare® measured the project's value to the Village across investment, taxes, jobs, and market context.
The subject property at 301 Ocean Drive sits directly on the Atlantic Ocean within the Village's Hotel Resort District. The assessment studied redevelopment options for the parcel, centered on a 56-unit oceanfront residential condominium — the program whose site plan received public approval — and benchmarked it against a 116-key hotel alternative.
The assessment projected how redevelopment resets the site's taxable value and grows the Village's ad valorem receipts over time. The condominium is projected to carry a taxable value near $750 million at completion, raising the site's annual Village contribution from under $300,000 to about $2.3 million and rising each year thereafter.
Using input-output methodology, BusinessFlare® modeled the direct, indirect, and induced effects of the project during construction and once operating. The construction phase is estimated to support more than 2,300 jobs and generate close to $300 million in economic output, with additional benefits flowing through the wider Miami-Dade County economy.
To ground the market context, the analysis drew on aggregate foot-traffic and visitor-origin data for The Ritz-Carlton, Key Biscayne — a proxy for the island's affluent visitor base — mapping where those visitors also shop and dine across the region and how much activity is retained on the island.
The assessment set the two options side by side. The condominium delivers the larger direct fiscal benefit to the Village and a larger one-time construction impact; the hotel produces a larger recurring economic footprint and generates additional state and county sales and tourist tax.