Bankrupt Holiday Inn Site in Downtown Miami Hits Market with 82-Story Vision

Key Points

• 340 Biscayne Blvd, home to a 10-story Holiday Inn, is now on the market amid bankruptcy proceedings.

• The site is fully entitled for an 82-story mixed-use tower, dubbed "Regalia on the Bay," featuring residential and hospitality components.​

• A $70 million loan default and ongoing legal disputes have prompted the sale, with expressions of interest due by June 16.​

Downtown Miami's Prime Development Site Up for Grabs Amid Financial Turmoil

A prominent parcel at 340 Biscayne Boulevard, currently occupied by a Holiday Inn, is being marketed for redevelopment. Hilco Real Estate has been retained to lead the international offering of this fully entitled site, which envisions an 82-story tower named "Regalia on the Bay." The move comes as the property's owner navigates bankruptcy proceedings and seeks to resolve a significant loan default.​

The Vision: Regalia on the Bay

The proposed development, designed by Arquitectonica, includes

• 374 residential units​

• 120 hotel rooms​

• 500 parking spaces

The project boasts over 900,000 square feet of approved net sellable area within a 1.4 million square foot gross development. Its strategic location offers unobstructed views of Biscayne Bay, the Port of Miami, and Miami Beach. The site's zoning allows for high-intensity mixed-use development, making it a rare opportunity in a rapidly growing district. 

Financial Struggles and Legal Disputes

The property's owner, 340 Biscayne Owner LLC, affiliated with Brazilian investor Gilberto Bomeny, has faced financial challenges

• In December 2024, the company filed for Chapter 11 bankruptcy, listing between $100 million and $500 million in assets. ​

• A $70 million loan from New York-based lender Cirrus Real Estate went into default, leading to a UCC foreclosure filing. ​

• Legal disputes have arisen over alleged usurious interest rates and stalled loan workouts, with 340 Biscayne Owner LLC accusing Cirrus of charging rates exceeding Florida's legal limits and hindering refinancing efforts. ​

Marketing Timeline and Opportunities

Hilco Real Estate is actively marketing the site, with key dates including:​

• Expressions of interest due by June 16​

• On-site tours scheduled for May 21, 28, and June 4​

The offering presents multiple avenues for investors

• Acquisition of the fully entitled development site​

• Partnership with the current owner for redevelopment​

• Refinancing of the existing debt to resolve financial disputes​

Given its prime location and development potential, the site is expected to attract significant interest from both domestic and international investors. ​

The marketing of 340 Biscayne Blvd underscores the dynamic nature of Miami's real estate landscape, where prime locations offer substantial opportunities despite financial complexities. As the city continues to evolve, this site represents a significant prospect for developers aiming to make a mark on Miami's skyline.