Following multiple bankruptcies in an attempt to reorganize debts and prevent foreclosure on the property, 340 Biscayne Owner LLC is listing their Holiday Inn property at 340 Biscayne Blvd on the market. The move comes at a time when multiple developers are eyeing land along Biscayne Blvd for redevelopment: primarily ‘supertall’ redevelopment. At both 130 Biscayne Blvd and One Bayfront Plaza, developers have planned two distinct supertalls to rise alongside The Waldorf Astoria Residences Miami. First reported by The Real Deal, Gilberto Bomeny, affiliated with 340 Biscayne Owner LLC, is advertising the site after bankruptcy court Judge Laurel Isicoff approved the marketing of the property under Hilco Real Estate Sales.
The site, home to a multi-story Holiday Inn built in 1950, has been battling financial distress since its first Chapter 11 bankruptcy filing in 2021. While a federal court allowed the hotel’s loan to be extended so operations could continue, New York-based Cirrus Real Estate eventually took over both the land and outstanding debt from Kawa Capital, a move 340 Biscayne LLC claims happened without their consent. In 2023, 340 Biscayne regained ownership of the land through a new deal with Cirrus, securing a $70 million loan that went into default in 2024.
To complicate matters, 340 Biscayne claimed that Cirrus deliberately backed them into a corner by ignoring a potential parking lot redevelopment that would’ve provided short-term revenue to offset debt. The company also accused Cirrus of charging interest rates above 25%, a rate exceeding Florida’s legal usury limits. In November 2024, Cirrus attempted to foreclose through a UCC filing, but 340 Biscayne responded by filing for Chapter 11 once again, temporarily delaying foreclosure and opening the door to find a buyer or redevelopment partner. While Cirrus is primarily concerned with zero payments made towards the existing debt, the company also believes the filing of multiple bankruptcies is giving the company little leverage.
According to marketing material provided by Hilco Real Estate Sales, the property will be called Regalia on the Bay, rising 82 floors: a height allowable under Miami21 zoning. There will be 374 residential units, 120 hotel rooms, and 500 parking spaces in a tower designed by Arquitectonica. The project will be in proximity to multiple parks, retail, and public transit including Miami’s Metrorail and Metromover. The development is one of the many sites along Biscayne Blvd to hit the market. Another site close-by is 400 Biscayne Blvd, which was listed by PMG Development not too long ago.
The listing allows interested parties to either partner with the property owner on the redevelopment, refinance the defaulted $70 million loan, or purchase the site. Expressions of interest are due by June 16th. If a deal is made, Cirrus and 340 Biscayne Owner LLC will be one step closure to resolving debt issues.