In a significant move for the Miami real estate market, Hilco Real Estate Sales has announced the upcoming bankruptcy sale of a fully entitled development parcel located at 16300 NE 19th Avenue, North Miami Beach, Florida. The site, which covers approximately 0.86 acres, is set to be sold through Chapter 11 bankruptcy proceedings, with the qualifying bid deadline set for July 22, 2025. This sale marks the culmination of a long and intricate process involving Sky Gardens Residences, LLC, and presents a unique opportunity for investors in one of South Florida’s most rapidly developing areas.
A Prime Location with Endless Potential
Strategic Site for High-End Multifamily Development
Strategically positioned at the intersection of NE 163rd Street and NE 19th Avenue, the property offers easy access to major thoroughfares such as Dixie Highway and I-95, as well as being within 15 miles of both Miami International Airport and Fort Lauderdale International Airport. The site’s zoning, under the Fulford Mixed-Use Town Center (MU/TC) designation, allows for both residential and commercial uses, making it an ideal canvas for the proposed 20+ story, 341-unit luxury multifamily development.
The vision for Skygarden Miami includes a modern, upscale residential community designed to cater to a diverse range of residents. The development plans call for a mix of studios, one-bedroom, and two-bedroom units, with an average size of 752 square feet per unit. Each unit will feature private terraces, in-unit laundry, and high-end finishes. Additionally, the building will offer residents an array of luxury amenities, including a rooftop garden, resort-style pool and spa, fitness center, and various lounge spaces.
Ground-Floor Retail to Activate the Community
Skygarden Miami is also designed to contribute to the revitalization of the neighborhood with four retail spaces on the ground floor. These retail spaces will help activate the street front and serve as a dynamic addition to the growing commercial landscape in North Miami Beach. The site’s location, combined with these retail offerings, adds another layer of appeal for potential buyers and tenants alike.
Financial Incentives for Investors
A Unique Advantage: CRA Tax Incentive Program
What makes this development opportunity even more attractive is the property’s eligibility for participation in the Community Redevelopment Agency (CRA) tax incentive program. This program offers up to 75% property tax exemptions for a period of 20 years, provided that certain workforce housing criteria are met. This potential financial benefit could significantly enhance long-term investor returns, making the parcel an even more compelling choice for institutional investors.
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Rapidly Growing Market
The surrounding area has been experiencing a boom in real estate development, with over 3,500 new residential units either completed or approved within a three-mile radius. The combination of strong local rental demand, zoning flexibility, and an evolving urban corridor makes this development site a prime target for developers and investors who are looking to capitalize on long-term growth and steady income.
Jeff Azuse, Executive Vice President at Hilco Real Estate Sales, shared his enthusiasm about the opportunity: “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, “With its future skyline visibility and strategic zoning, Skygarden is ready to deliver the next wave of high-quality rental housing in North Miami Beach.”
Bidding Process and Important Dates
Qualifying Bids Due by July 22, 2025
The qualifying bids for this property must be received by Hilco Real Estate Sales no later than July 22, 2025, at 12:00 p.m. (ET). Interested parties should review the requirements for participation in the bankruptcy sale process, which are available on the Hilco Real Estate Sales website.
For more information about the property, terms of sale, and how to participate in the bidding process, please visit the Hilco Real Estate Sales website or contact the following team members directly:
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Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com
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Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com
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Jeff Azuse at (847) 418-5032 or jazuse@hilcoglobal.com
About Hilco Real Estate Sales
Hilco Real Estate Sales is part of Hilco Global and has been a trusted advisor in the real estate industry for over 20 years. The team specializes in maximizing asset value, navigating complex transactions, and helping clients optimize their real estate portfolios for long-term success. With vast experience in strategic asset management, multi-faceted sales structures, and capital optimization, Hilco Real Estate Sales offers expertise that ensures impressive results for every client.