Avison Young, as appointed by the court overseeing Biscayne 85 site sale, secures $35M stalking horse bid and continues to encourage all purchase offers
The stalking horse bid sets the minimum price for all offers considered for the live auction on January 15, 2025.
Miami, FL – Pursuant to the direction of the court appointed receiver Michael Goldberg of Akerman LLP, Avison Young, a global real estate advisory firm, continues to encourage all purchase offers for the ±15.9-acre Biscayne 85 site in the heart of Miami’s Biscayne Corridor at 8500 Biscayne Boulevard. The initial $35 million stalking horse bid has set the beginning bidding point for all new prospective buyers.
As one of the last large development sites in one of the country’s hottest markets, Biscayne 85 offers the opportunity to develop a place-defining mixed-use development due to the robust in-place zoning, easy accessibility via Biscayne Blvd and I-95, proximity to North Miami Beach, and a dense existing retail and residential environment nearby. The site benefits from tremendous municipal support from the City of Miami and the town of El Portal, which has crafted its code to closely match what is permitted under Miami 21, the other zoning code the site is in, to allow for liberal construction at a density of approximately 150 du/ac and nearly 3 million square feet (msf) of rentable space including a mix of residential, retail, office, hospitality and specialty uses.
Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Jay Ziv; John K. Crotty, CCIM; David Duckworth; and Brian C. de la Fé are spearheading the sale.
“This is a great opportunity for one of Miami’s last large development parcels to plant a flag in an emerging neighborhood directly in the northern path of high development growth extending from the city’s urban core,” said Fay. “We are pleased to be handling another receivership sale and auction on behalf of Michael Goldberg.”
“We have complete trust in Michael Fay and his team at Avison Young’s ability to handle these complex issues, navigate the selection of the stalking horse, and ultimately coordinate the live bidding auction,” said Goldberg.
The offering memorandum, which includes the bid guidelines, is available for download via the following link: www.biscayne85.com
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