Emerald Bay at Key Colony, also marketed as Key Colony III Emerald Bay, is a 12-story oceanfront condominium at 151 Crandon Boulevard on Key Biscayne, the third of four towers in the gated Key Colony community developed by Fritz Scharenberg between 1978 and 1981. Emerald Bay at Key Colony was completed in 1980 and contains 285 residences in one-, two-, three- and four-bedroom layouts that span roughly 1,103 to 3,771 square feet, with many homes laid out as flow-through plans that capture both Atlantic Ocean and Biscayne Bay exposures. The Emerald Bay tower carries the same pyramid-stepped slope geometry that defines the rest of the Key Colony master plan, with terraced balconies that step back at the two ends of the building. The Emerald Bay parcel sits in the middle of the Key Colony grounds, with Tidemark to the north at 201 Crandon Boulevard, Oceansound just beyond, Botanica to the south at 101 Crandon Boulevard and the Key Colony Olympic lap pool, tennis center and dune-side beach walk stretching across the 40-plus acre site. Crandon Park and Crandon Park Beach lie at the northern tip of the island near Emerald Bay, with the Crandon Park Tennis Center, Crandon Park Golf Course and the Village of Key Biscayne village core south along Crandon Boulevard. Residences at Emerald Bay at Key Colony feature private balconies, floor-to-ceiling glass, updated kitchens with stone counters in most renovated homes and generous primary suites. Owners share the Key Colony amenity package, which includes the building-specific oversized Emerald Bay swimming pool and Jacuzzi, the Olympic lap pool at the heart of the community, an adults-only oceanfront pool, twelve tennis courts at the Key Colony tennis center, a fitness center, sauna and steam, a beachfront restaurant and snack bar, a salon and spa, a kids' playground, a dog park, a small market and deli inside the gates, jogging paths through tropical gardens, a manned gatehouse with 24-hour security, concierge and valet service. The historical footnote that Fritz Scharenberg paid 1.8 million dollars in 1977 to extend the mainland water main to Key Biscayne specifically to serve Key Colony remains part of the community's founding story.