Avison Young Closes Court-Ordered $70.5M Sale Of Biscayne 85

On behalf of court-appointed receiver Michael Goldberg, Avison Young’s Florida Capital Markets Group completed the $70.5 million sale of Biscayne 85, a ±15.9-acre development site located in the heart of Miami’s Biscayne Corridor at 8500 Biscayne Blvd.

Avison Young Principals Michael T. Fay, who is also the Chairman of Avison Young’s U.S. Capital Markets Group Executive Committee; John K. Crotty; David Duckworth; and Brian C. de la Fé completed the sale. The buyer was Flow Life.

Adam Neumann’s Flow Life won the bid for the El Portal development site, beating out Melo Group, Melo Group had initially placed a stalking horse bid of $35 million in October and increased its offer to $70.1 million, according to a source familiar with the court auction. However, the Miami-based company, led by Carlos and Martin Melo, fell short by $400,000.

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 of residential, retail, office, hospitality and specialty uses.

“The winning bid from Flow Life was double the initial stalking horse bid and will result in the recovery of a substantial amount of the victim’s losses,” said Fay. “Avison Young’s Miami Capital Markets Group is pleased to have arranged another successful live auction on behalf of courts.”

 

“Michael Fay and his team’s extensive experience navigating complex transactions resulted in this extremely successful action and subsequently, the highest possible amount on behalf of the victims of this case,” said Goldberg.