Bankrupt Downtown Miami Development Site Hits Market for $175M

A potential development site under bankruptcy along Biscayne Boulevard in Downtown Miami is hitting the market with a $175 million price tag.

The nearly 1-acre site sits at 340 Biscayne Boulevard, between Northeast Third and Fourth streets, facing the Bayside Marketplace and Biscayne Bay. Although the site holds a 10-story Holiday Inn hotel, it’s been approved for an 82-story development. 

Bidding will open online via ONE Sotheby's International Realty’s Concierge Auctions on Dec. 3 and culminate on Dec.17 with a live auction at Sotheby’s New York offices. While there is no minimum bid, the site is being listed for $175 million. 

The parcel is approved for a development with 950,000 square feet of net sellable space, called Regalia on the Bay, designed by Arquitectonica, according to the broker marketing the site, One Sotheby’s International Realty’s Gabriel Flores. The plans call for 374 residential units, 120 hotel rooms, some office spaces, and 500 parking spaces.

The project would rise next door to the Waldorf Astoria-branded condo tower. Last year, PMG obtained a $668 million construction loan for the 100-story Waldorf Astoria Residences Miami.

The sale would end bankruptcy proceedings for the 200-room Holiday Inn Port of Miami-Downtown hotel and its owner, entities tied to Brazilian investor and developer Gilberto Bomeny. Last year, Cirrus Real Estate Partners launched UCC foreclosure proceedings over a floating-rate, $70 million loan issued in 2023, as interest rates rose, The Real Deal reported.

The hotel’s owner had purchased the property for $65 million in 2015 and the following year, struck a $42.5 million sale-lease deal with Kawa Capital Management that was eventually terminated. In 2021, the entities tied to the hotel’s ownership filed for Chapter 11 bankruptcy and restructured the following year.

Julia Echikson can be reached at jechikson@commercialobserver.com.