**Holiday Inn-Port of Miami Headed to Auction, Potential for 82-Story Tower Development**
A 100-room Holiday Inn located in downtown Miami is slated for auction, drawing widespread attention due to its significant redevelopment potential.
The property, known as the Holiday Inn-Port of Miami, sits at 340 Biscayne Boulevard and boasts zoning that permits construction of an 82-story tower. The site allows for up to 950,000 square feet of sellable space, which could include 374 residential condominiums and 120 hotel rooms. The listing price for the property is $175 million.
Currently owned by debtors BH Downtown Miami LLC and 340 Biscayne Owner LLC, the hotel will be auctioned free and clear of any liens, creating an attractive opportunity for developers. The auction is scheduled to open on December 3.
Concierge Auctions will oversee the sale, with an affiliate of One Sotheby’s International Realty acting as the listing agent in coordination with the auction house. Secured lender Cirrus Real Estate Funding, involved in the property’s bankruptcy case, holds the right to credit bid up to $101.5 million during the auction.
This sale presents a rare opportunity to reshape a prime piece of Miami’s skyline and real estate landscape.
