Bankruptcy Auction Reopens For Downtown Miami Development Site

A bankruptcy judge has ordered a second auction for a prime downtown Miami development site at 340 Biscayne Blvd., giving potential buyers another chance to acquire the property.

The 0.91-acre site is approved for an 82-story tower with about 950,000 square feet of sellable space, including 374 condominium units and 120 hotel rooms. Cirrus Real Estate Funding claimed it won the initial Dec. 17 auction with a $77 million credit bid. However, the debtors—340 Biscayne Owner and BH Downtown Miami—successfully argued that technical problems disrupted the auction process. Their attorney, Linda Worton Jackson, said some bidders were unable to participate due to registration issues and confusion over the auction’s start time.

At a Dec. 31 hearing, U.S. Bankruptcy Judge Laurel Isicoff ruled that the auction should be redone under stricter conditions. Concierge Auctions will again manage the process, and the judge required that live assistance be available to help bidders with registration.

The new auction is scheduled for Jan. 28 at 3 p.m. in Miami, with virtual participants required to log in by 2:30 p.m. Interested bidders must register by Jan. 26 at 5 p.m. and submit a $250,000 deposit. If no bidders register by that deadline, the auction will be canceled. Cirrus’ $77 million credit bid will serve as the opening bid, and subsequent bids must be at least $82 million.

A sale hearing to approve the auction results is set for Feb. 11. Judge Isicoff said there will be no additional marketing for the property, noting that it has already been marketed for months.

Cirrus attorney Bryan Mohler objected to reopening the auction but said his client intends to participate again. Jackson told the court that at least one bidder is prepared to offer $105 million for the site.

The property currently includes the 100-room Holiday Inn Port of Miami–Downtown, which Jackson said is expected to close within 45 days after the sale. The debtors filed for Chapter 11 bankruptcy in late 2024 to stop a UCC foreclosure auction tied to a $70 million loan from Cirrus.

Source: SFBJ