Fully entitled mixed-use development sites along Biscayne Boulevard downtown Miami don’t come to market on a regular basis, but Hilco Real Estate Sales has been engaged to find a partner, investor or lender for just such a site. Connect CRE sounded out the Hilco team for background on the assignment. Here’s what they told us.
Q: The location is among the best in that area of Miami for a residential/hospitality project. Can you provide some background on the project and how it came to market?
A: The ownership group behind this landmark property has a distinguished history of delivering luxury, state-of-the-art developments throughout Miami. Since securing the site and full entitlements in 2015, they invested significant time, capital and expertise to position the property for an iconic mixed-use destination, positioning the property as a one-of-a-kind development opportunity in the urban core.
The goal was to develop the project internally, adding to their impressive portfolio. However, following the COVID-19 pandemic and its ripple effects across supply chains, labor markets and construction costs, the group faced a series of challenges. These were compounded by ongoing difficulties with their lender, which ultimately paused progress despite the value and readiness of the site.
The property has since remained fully entitled, income-generating and ideally positioned for a new capital partner or investor to carry the project forward. Hilco Real Estate Sales (HRE), led by Jeffrey Azuse (Executive Vice President), along with Terence Rochford, Stephen Madura, and Christine McDermott, has been exclusively engaged to help identify a strategic development partner, investor or lender for this generational asset. Expressions of Interest are being accepted through June 16, 2025.
Q: What are some of the options for the winning bidder or bidders?
A: The T6-80-O (High-Intensity Mixed-Use) zoning allows for a high density of mixed-use and multifamily development. It is part of Miami’s “Miami 21” urban core zone, which prioritizes pedestrian engagement and live-work-play environments.
This zoning provides exceptional flexibility for developers—enabling a wide array of residential, hotel, commercial and lifestyle uses. For full context, details on the Regulation of Use table can be found here.
Q: What types of investors do you anticipate will express interest in the property, i.e., foreign as well as domestic?
A: We are already seeing significant interest from a wide range of capital sources. These include hotel groups, multifamily developers, private equity funds and institutional investors from across the U.S., as well as Mexico, Canada, Central and South America, the United Kingdom, Russia and Singapore. The combination of location, zoning, entitlements and current income generation makes this a compelling offering for both domestic and international players.
Q: Are there other, potentially competitive properties in the area or does the property appear to be a sure bet assuming that financing is in place?
A: While there are a number of other development parcels available in Downtown Miami, NONE have frontage along Biscayne Blvd., NONE have unobstructed views of Biscayne Bay, the Port of Miami and Miami Beach, NONE have entitlements in place as well as in-place income generated by a popular, well trafficked hotel, NONE are literal steps away from Bayfront Park, Kaseya Center and Bayside Marketplace, NONE will be sold in a transparent, date-certain manner with guaranteed finality. So, while other parcels are generally available for sale in the Downtown area, NONE truly complete toe-to-toe with 340 Biscayne Blvd., and the rare and fleeting opportunity it will be to own and develop a legacy piece of Miami’s skyline.
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