A residential cooperative on Ocean Drive, Miami Beach will soon be available for auction starting at a bidding price of $26 million.
The 45 co-op members have availed the services of Cushman & Wakefield and Fisher Auction Co. to sell the 55-year-old building to a developer, Miami Herald reports.
According to the brokerage company, more than two-thirds of the residents voted to sell the property for auction, the number required to proceed with the motion as stipulated in the co-op's bylaws.
The bidding will start on Jan. 15, 2016. Top bidders will then be invited to participate in a live auction to be conducted on Jan. 20, 2016.
The 22,000 sq. ft. building with 45 residential units sits on a 0.32 acre lot at 1446 Ocean Drive, Miami Beach. County property records show that the infrastructure was built in 1960. It offers a marvelous view of Lummus Park, along with 96 frontage of Ocean Drive's beachfront party strip.
The property is just a few steps away from the beach for those who want to take a quick dip in the water. The breathtaking oceanic view may be blocked a bit by Il Villaggio's condominium, but residents can still enjoy the look of the sea from the southeast part of the building. Interested buyers can view the site, which is three blocks away from the beginning of Lincoln Road retail destination.
Rosendo Caveiro, representative of Cushman & Wakefield, stated: "The site's location and zoning make it ideal for a five-star luxury condominium project or boutique hotel. This is a once-in-a-lifetime chance to purchase ocean-view Miami Beach real estate in one of the world's most desirable, chic and popular markets."
The co-op members will be receiving the offer from the highest bidder.
"We look at this like a blank canvas with the opportunity to create something different, high-end, stylish and in vogue," says Francis D. Santos, Fisher and Co.
South Florida property owners continue to sell their old residential buildings as a result of a lack in vacant lots.
