1-Acre Parcel In Downtown Miami Goes On The Block For $175 Million

A one-acre property at 340 Biscayne Boulevard in downtown Miami has been listed for sale at $175 million following bankruptcy proceedings.

The site currently includes a 10-story Holiday Inn hotel but is zoned for a much larger mixed-use redevelopment. Plans call for an 82-story tower known as Regalia on the Bay, designed by Arquitectonica.

The proposed project would span about 950,000 square feet of sellable space, featuring 374 residential units, roughly 120 hotel rooms, office space, and parking for around 500 vehicles.

ONE Sotheby’s International Realty will handle the sale through an online auction starting December 3, with a live bidding event in New York on December 17. While no minimum bid is required, the listing price is $175 million.

The current owner, linked to Brazilian investor Gilberto Bomeny, purchased the site in 2015 for $65 million. Financial troubles began after a 2021 Chapter 11 filing and a $70 million floating-rate loan originated in 2023, which ultimately went into foreclosure.

The proposed tower would join a wave of high-profile developments reshaping downtown Miami, including the nearby Waldorf Astoria Residences, which secured major construction financing last year.