Exciting Development Opportunity in Florida
Hilco Real Estate Sales has announced an exciting opportunity for investors with the impending bankruptcy sale of a fully entitled development parcel in Florida. Set to generate significant interest, this 0.86± acre property is located at 16300 NE 19th Ave, making it a desirable investment for developers and real estate enthusiasts.
Qualifying Bid Deadline Approaches
Potential bidders need to act promptly, as the deadline for submitting qualifying bids is July 22, 2025. This auction is part of a Chapter 11 bankruptcy proceeding involving Sky Gardens Residences, LLC and will be overseen by the United States Bankruptcy Court. It represents a unique chance for developers seeking projects in a rapidly evolving market.
Strategic Location and Development Potential
The parcel is ideally situated at the intersection of NE 163rd Street and NE 19th Avenue, making it shovel-ready for a modern multifamily development. Plans for the site include a 20+-story building with 341 Class-A apartment units complemented by more than 400 structured parking spaces and approximately 11,600 square feet dedicated to commercial space. This advantageous setup provides excellent access to major highways like Dixie Highway and I-95 and is conveniently located within 15 miles of two major international airports.
Residential Features of Skygarden Miami
Skygarden Miami will feature a diverse array of living options, including studios, one-bedroom, and two-bedroom units, each averaging an impressive 752± square feet. Key highlights include private terraces, in-unit laundry, and high-end finishes. This innovative community will also offer residents a wealth of luxury amenities—such as a rooftop garden, resort-style pool and spa, a fitness center, and inviting lounge areas. The inclusion of ground-floor retail spaces will further enhance the urban environment, contributing to the transformation of the surrounding area.
Financial Incentives to Consider
One of the standout features of this property is its eligibility for a Community Redevelopment Agency (CRA) tax incentive program. This program potentially allows for up to a 75% property tax exemption over 20 years, provided that specific workforce housing criteria are met. Such incentives could significantly improve returns for long-term investors.
Growing Demand in a Developing Area
The region surrounding the property is currently witnessing a development surge, with over 3,500 new residential units either approved or completed within a three-mile radius. This substantial growth coupled with strong local rental demand makes the site an attractive target for institutional investors and developers eager to capitalize on the urban corridor's strategic advantages.
Jeff Azuse, executive vice president at Hilco Real Estate Sales, emphasizes, "Skygarden Miami represents a rare blend of approved designs, CRA tax incentives, and a location primed for long-term appreciation. It’s a turnkey opportunity in one of the most dynamic markets in South Florida." With its compelling design and strategic location, Skygarden is well-positioned to meet the demand for quality rental housing in the area.
Next Steps for Interested Bidders
Interested bidders must submit their offers by 12:00 p.m. ET on the stated deadline. All bids should adhere to the Asset Purchase Agreement (APA), which is available for download on the Hilco Real Estate Sales website. Comprehensive guidance on the requirements for participating in the bankruptcy sale process is also provided online. For additional information regarding the bidding process or the property itself, potential bidders are encouraged to reach out to the contacts provided by Hilco Real Estate Sales.
About Hilco Real Estate Sales
At Hilco Real Estate Sales, a subsidiary of Hilco Global, we specialize in optimizing our clients' real estate holdings as a core aspect of cultivating a robust financial foundation. With over 20 years of experience, our dedicated team has successfully secured billions in value through expert navigation of complex transactions, strategic asset management, and capital optimization. We pride ourselves on our comprehensive understanding of legal and financial elements interwoven within real estate operations, ensuring the best outcomes for our clients.
Frequently Asked Questions
What is the deadline for submitting bids?
Bids must be submitted by 12:00 p.m. ET on July 22, 2025.
What type of development is planned for the parcel?
The development includes a 20+-story, 341-unit multifamily building with commercial spaces and extensive amenities.
Is there financial assistance available for buyers?
Yes, the property is eligible for a CRA tax incentive program that could offer significant property tax exemptions.
Where is the property located?
The property is at the corner of NE 163rd Street and NE 19th Avenue, in an evolving urban corridor.
Who can I contact for more information?
For inquiries, you can contact Steve Madura, Michael Kneifel, or Jeff Azuse directly at Hilco Real Estate Sales.
