1.3 Acre Coral Way Development Site Sells At Bankruptcy Auction For $4.2 Million

Colliers International South Florida is pleased to announce the sale of 3170 Coral Way, a 1.3-acre site known as Blue on Coral Way.
John K. Crotty, CCIM , Executive Vice President & Partner and Michael T. Fay, Chairman & Founding Partner, represented the seller Beacon Trustee and Brickell Trustee in the $4.2 million bankruptcy auction sale.
The site is zoned for multiple uses including hospitality, office and retail development, as well as multifamily development up to 67 residential units per acre. There were five qualified prospective buyers bidding for the site. Buyer RBC Acquisitions Group, LLC won the auction and has plans to develop the property in the near future.
“The sale points to the continued trend of demand for quality multifamily and condo development sites,” says Crotty.