As part of a legal settlement, Avison Young’s Florida Capital Markets Group completed the $70.5 million sale of Biscayne 85, a 15.9-acre development site located in Miami’s Biscayne Corridor at 8500 Biscayne Blvd.
Avison Young’s Michael T. Fay, John K. Crotty, David Duckworth; and Brian C. de la Fé completed the sale. The buyer was Flow Life, who purchased the property at a receivers auction. ConnectCRE prepared a story on the runup to the auction.
As one of the last large development sites in the area, Biscayne 85 offers the opportunity to develop a mixed-use development. The land is zoned for 2,300 multifamily residences.
“The winning bid from Flow Life was double the initial stalking horse bid ($35 million) and will result in the recovery of a substantial amount of the victim’s losses,” said Fay.
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