Avison Young’s Florida Capital Markets Group recently finalized the sale of Biscayne 85, a 15.9-acre development site located at 8500 Biscayne Blvd in Miami’s Biscayne Corridor. The sale was part of a legal settlement and was completed for $70.5 million.
The transaction was handled by Avison Young brokers Michael T. Fay, John K. Crotty, David Duckworth, and Brian C.de la Fé on behalf of the buyer Flow Life who acquired the property through a receivers auction that had been previously covered by ConnectCRE.
Biscayne 85 is one of the few remaining large development sites in this area and presents an excellent opportunity for mixed-use development with its zoning allowance for up to 2,300 multifamily residences.
According to Fay: “Flow Life’s winning bid exceeded double the initial stalking horse bid ($35 million) which will result in significant recovery for victims’ losses.” This successful transaction marks another milestone in Miami’s thriving real estate market as it continues to attract investors looking to capitalize on prime opportunities like this one along Biscayne Boulevard.
