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<\/p>\nA fully entitled redevelopment site on Biscayne Boulevard is\u00a0seeking buyers\u00a0for a second time after its owners filed for bankruptcy last year.<\/p>\n
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\n Holiday Inn Port of Miami-Downtown at 340 Biscayne Blvd.\n <\/p>\n
Concierge Auctions is marketing the\u00a00.9-acre\u00a0site at 340 Biscayne Blvd<\/a>., which is occupied by the Holiday Inn Port of Miami-Downtown, seeking $175M.\u00a0<\/p>\n The site’s zoning allows for an\u00a082-story project and is already approved for a project\u00a0designed by Arquitectonica<\/a>\u00a0called Regalia on the Bay with 374 residential units, 120 hotel rooms, commercial and office space, and 500 parking spaces.<\/p>\n The property’s owner, 340 Biscayne Owner LLC, has been in Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Florida since December, after lender Cirrus Real Estate Funding initiated a foreclosure\u00a0lawsuit and sought to take over the property.<\/p>\n There is no minimum bid for the site,\u00a0but Cirrus plans to submit a credit bid of $101.5M, according to\u00a0a judge’s order on Friday approving the auction\u00a0with Concierge. Bidding is scheduled to open online on Dec. 3\u00a0with a live auction\u00a0set for Dec. 17 in New York City, according to a release.<\/p>\n \u201cOur global database will attract a wide variety of bidders on auction day who understand the unlimited potential and desirability of this coveted area,\u201d Concierge Auctions CEO and co-founder Chad Roffers said in a statement.<\/p>\n Concierge\u00a0is marketing the site in partnership with One Commercial, an arm of One Sotheby\u2019s International Realty<\/a>.\u00a0<\/p>\n The new listing\u00a0is the latest twist in\u00a0a complicated\u00a0saga for the site and its owners, entities managed by\u00a0Brazilian investor and developer Gilberto Bomeny.<\/p>\n Bomeny\u00a0bought the hotel, built in 1950, for $65M in 2015\u00a0and a year later sold a partial interest to Kawa Capital Management<\/a> for $42.5M in a sale-leaseback deal, according to public records.\u00a0<\/p>\n But Kawa, which didn’t respond to a request for comment, pulled out of the deal and terminated the hotel lease,\u00a0The Real Deal reported<\/a>.<\/p>\n New York-based Cirrus, which didn’t respond to a request for comment, provided a $70M loan in 2023, consisting of a renewal of an existing $62.6M loan and new debt of $7.4M, TRD reported.<\/p>\n The following year, the lender\u00a0issued a UCC public sale notice<\/a>\u00a0for a\u00a0foreclosure auction for the entity that owns 340 Biscayne Owner, BH Downtown Miami LLC.<\/p>\n Both LLCs\u00a0filed for Chapter 11 bankruptcy days before the auction, halting the sale.\u00a0It was\u00a0the second bankruptcy filing<\/a>\u00a0in\u00a0three years \u2014 340 Biscayne filed\u00a0to restructure in 2021, and the court approved its reorganization plan, which included a loan extension, in 2022.<\/p>\n Linda Worton Jackson, the attorney representing 340 Biscayne Owner, said\u00a0in December that the property owner was in the process of refinancing the debt, according to TRD.<\/p>\n Worton Jackson didn’t respond to multiple\u00a0requests for comment on Monday.<\/p>\n In March, Worton Jackson filed a motion to employ Hilco Real Estate<\/a> LLC to market the site for sale. The following month,\u00a0the ownership filed an adversary complaint against Cirrus, claiming it stonewalled redevelopment and helped drive the entity into bankruptcy.\u00a0<\/p>\n \u201cCirrus has not been paid a dollar in nearly a year and the debtors have been in default for a year and a half,\u201d the lender wrote to\u00a0a federal\u00a0judge in April\u00a0when Hilco\u00a0began marketing the site, TRD reported<\/a>.<\/p>\n Hilco marketed the Regalia on the Bay site with a bid deadline of June 16, but the date came and went with no sale. Last month, 340 Biscayne Owner filed a new motion, seeking to hire Concierge Auctions to market and sell the commercial property, according to\u00a0court records.<\/p>\n But Hilco filed an objection, claiming it continued to work after\u00a0its contract had ended on Aug. 2 through the end of September. It\u00a0expects a reimbursement of up to $25K and a commission if the buyer comes from Hilco\u2019s prospect list.<\/p>\n Hilco brokers Jeffrey Azuse, Michael Kneifel and Stephen Madura led the initial marketing process. Azuse and Kneifel didn’t respond to requests for comment, and Madura declined to comment.<\/p>\n Gabriel Flores of One Commercial told\u00a0Bisnow\u00a0in a phone call that he didn\u2019t have any information regarding the transfer of services.<\/p>\n