A prime parcel of land on Biscayne Boulevard is up for auction, with the potential to accommodate 2,300 multifamily residences. The Melo Group has already made a bid of $35 million before the scheduled auction. This 15.9-acre vacant lot is located at 8500 Biscayne Blvd in both Miami and El Portal.
Known as “Biscayne 85,” this property is being marketed by Michael Fay and Avison Young principals Jay Ziv, John K. Crotty, David Duckworth, and Brian C. de la Fé.
According to the South Florida Business Journal, interested buyers have until January 10th to submit their bids as stated by the court. A live auction will take place on January 15th at Akerman LLP’s Miami office (98 Southeast7th St., Suite1100). The sale will be approved during a hearing on January16th.
The Connect CRE reports that an infill lot spanning over sixteen acres in Miami is now available for purchase through an upcoming auction process.The highly sought-after location situated along Biscayne Boulevard has been identified as having potential for accommodating approximately twenty-three hundred multifamily residences.A stalking horse bid amounting to thirty-five million dollars was offered by Melo Group prior to its pending public sale.The vast tract of empty land measuring fifteen point nine acres falls within both El Portal village limits and city boundaries of Miami.Its previous use was that of Little Farm Trailer Park.
This coveted piece known under its marketing name ‘Biscayne85’is currently being represented jointly by Michael Fay alongside other principals from Avison Young namely;Jay Ziv,Johh K.Crotty,Davd Duckworth,and BrianC.de la Fe.Interested parties are expectedto submit their bids latestby tenth dayofJanuaryas stipulatedbythe court.A physical bidding event shall then follow suit taking placeatAkermanLLP’s Miami office located at 98 Southeast7th St.,Suite1100 on fifteenth day of January.A court hearing to ratify the sale is scheduled for sixteenth dayofJanuary.
