Sheldon Good & Company to Auction 1.37-Acre (.55 Hectare) Spectacular Waterfront Development Site North Bay Village, Florida; U.S. Bankruptcy Court Orders Sale; Property Ideal Candidate for International Investor/Developer Interests
16/01/2008 09:03
PR Newswire
CHICAGO and NORTH BAY VILLAGE, Florida, January 16 /PRNewswire/ --
- Open outcry auction February 25th
Sheldon Good & Company Auctions, the nation's largest real estate auction
company (www.sheldongood.com) will auction the spectacular 1.37 acre (.55
hectare) Aqua Vista bayfront residential development site in North Bay
Village, Florida.
The site is being sold free and clear, in its entirety, at the auction
ordered by the U.S. Bankruptcy Court Southern District of Florida.
The auction will be conducted Monday, February 25th at the Sofitel Miami
Airport Hotel. Registration begins at 12 noon, with the auction commencing at
1 p.m. Remote bidding from anywhere in the world is available upon request.
Please contact Sheldon Good in advance of the auction for details. Suggested
opening bid is US$4.7 million. A certified or cashier's check of US$350,000
is required to bid.
Steven L. Good, Chairman and CEO of Sheldon Good & Company Auctions,
Inc., said: "A spectacular property, the weak U.S. dollar plus the fact that
this is a bankruptcy auction should make this property almost irresistible to
international investor/developers. Additionally, a savvy and visionary U.S.
domestic investor can make a dramatic imprint with this commanding northern
waterfront location with unobstructed panoramic views. This is the best time
to buy waterfront property in Southern Florida."
Alan Kravets, President of Sheldon Good & Company Auctions, Inc., and who
is handling this sale, said that the unique Aqua Vista site has been approved
for 180,000 square feet (16,720 square meters) of development with 300 feet
(91.4 meters) along Biscayne Bay. Attendant water rights provide the added
availability of a marina development. Current plans are available with 50% of
the projected 94 units having assigned pre-construction contracts. Mr.
Kravets said that the successful bidder could proceed with their own plans
pending the securing of appropriate approvals.
Mr. Kravets said that although the previous owner had a 50%
pre-construction pre-sales, the mortgage holder foreclosed on the property
after the developer failed to secure a construction loan. "The opportunity
remains, however, for the development of a stellar, signature property that
will firmly establish the new owner/developer in the elite of the Miami
development community," Mr. Kravets said.
Inspection dates: Thursdays, January 31st, February 7th and Wednesday,
February 13th at 11 a.m. by appointment only.
The property:
Currently, plans have been drawn for the 60,000 square foot (5,574 square
meters) development site to build Aqua Vista, a waterfront residential
project. As prepared by renowned architect Kobi Karp, Architecture and
Interior Design, Inc., the project would encompass 94 residential units,
2,500 square feet (232 square meters) of commercial space, and 194 parking
spaces.
A deeded submerged land lease runs with the property and provides marina
development up to 40 feet into Biscayne Bay, accommodating 36 boat slip
units.
In addition to current plans for the property, the Buyer has the option
to accept the 47 pre-construction Purchase and Sale Contracts with existing
deposit checks or choose to cancel the contracts altogether.
Zoned CG, Commercial General, the site offers a multitude of
opportunities. It is ideally located in North Bay Village, home to several of
South Florida's most popular restaurants, as well as a variety of business
enterprises, apartment buildings, condominiums and single-family homes.
Across the bay is Miami and Miami Beach, presenting intriguing nightlife,
fine dining, and great entertainment venues.
2007 real estate taxes on the property were US$196,633.
About Sheldon Good & Company Auctions LLC:
Sheldon Good & Company Auctions (www.sheldongood.com), America's Real
Estate Auctioneer, in the past has been rated as the largest real estate
auction company in the United States by a number of prestigious publications.
Headquartered at 333 W. Wacker Dr., Chicago, with offices in 10 U.S. cities,
Canada and Mexico, Sheldon Good & Company is the nation's largest real estate
auction firm for residential and commercial properties, having sold some
40,000 properties at over US$9 billion in value.
For further information, please contact Alan Kravets at
akravets@sheldongood.com or at +1-312-373-4300.
Web site: http://www.sheldongood.com
Peter M. Hamilton of Rubenstein Associates NY, phamil@rubenstein.com, +1-212-843-8015, for Sheldon Good & Company Auctions LLC