Hilco Real Estate Sales Announces Fully Entitled Development Parcel Available Through Bankruptcy Sale in North Miami Beach, Florida

NORTHBROOK, Ill., June 25, 2025 /PRNewswire/ -- Hilco Real Estate Sales announces July 22, 2025, as the qualifying bid deadline for the 0.86± AC, fully entitled development parcel located at 16300 NE 19th Ave in North Miami Beach, Florida. The Chapter 11 bankruptcy sale, Petition No: 1:25-bk-11136-LMI | In re: Sky Gardens Residences, LLC, is subject to approval by the United States Bankruptcy Court for the Southern District of Florida, Miami Division.

Strategically located at the corner of NE 163rd Street and NE 19th Avenue, the shovel-ready site is fully entitled for a 20+-story, 341-unit, Class-A multifamily development with over 400 structured parking spaces and 11,600± SF of commercial space. This site offers strong access to Dixie Highway and I-95 and sits within 15 miles of both Miami International and Fort Lauderdale International Airports. With zoning under the MU/TC (Fulford Mixed-Use Town Center) designation, this flexible district allows for a blend of residential and commercial uses.

Skygarden Miami is designed as a modern residential community featuring studios, one-bedroom and two-bedroom layouts (averaging 752± SF per unit) with private terraces, in-unit laundry and upscale finishes. The building will offer residents a full suite of luxury amenities including a rooftop garden, resort-style pool and spa, fitness center and various lounge spaces. The four ground-floor retail spaces will activate the street front, contributing to the area's ongoing transformation.

The property also presents a rare financial advantage: it is eligible for participation in a Community Redevelopment Agency (CRA) tax incentive program, which could provide up to 75% property tax exemption over 20 years if workforce housing criteria are met—significantly enhancing long-term investor returns.

The surrounding area is experiencing a development boom with over 3,500 units approved or completed within a three-mile radius. The site's location within a dense, evolving urban corridor, strong local rental demand and zoning flexibility make it a prime target for institutional investors and developers focused on long-term growth and income.

Jeff Azuse, executive vice president at Hilco Real Estate Sales, stated, "Skygarden Miami offers the rare combination of design approvals, CRA tax incentives and a location poised for long-term appreciation. It's a turnkey opportunity in one of South Florida's most rapidly evolving markets." Azuse continued, "From its future skyline visibility to the strategic zoning and strong demand drivers, Skygarden is ready to deliver the next wave of high-quality rental housing in North Miami Beach."

Qualifying bids must be received on or before the deadline of July 22, 2025, at 12:00 p.m. (ET) and must be based on the Asset Purchase Agreement (APA) document available for review and download from Hilco Real Estate Sale's website.

Interested bidders should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate Sale's website. For further information, please contact Steve Madura at (847) 504-2478 or [email protected], Michael Kneifel at (847) 201-2322 or [email protected] or Jeff Azuse at (847) 418-5032 or [email protected].

For additional details, due diligence access and terms of sale, visit Hilco Real Estate Sales or call (855) 755-2300.

About Hilco Real Estate Sales
Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments.

The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. We are deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. We understand the legal, financial and real estate components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation.

SOURCE Hilco Real Estate