Two sections of oceanfront land in wealthy Hillsboro Beach are being offered for sale by SVN Moecker Realty Auctions as part of a bankruptcy case.
The land is valued by the Broward County Property Appraiser at just over $50 million, although the broker hopes to score an even higher price. It’s zoned residential and part of it could have multifamily.
This 11.3-acre site at 1174 to 1185 Hillsboro Mile in Hillsboro Beach is for sale as part of a bankruptcy case. It is zoned for up to 16 units per acre.
The property along Hillsboro Mile was part of a Chapter 11 filing in September 2015 by eight companies owned by homebuilder John B. Kennelly. The debtors lost a $38 million mortgage judgment to an affiliate of Miami-based BridgeInvest, which is its largest creditor.
In November, BridgeInvest agreed to give Kennelly one year to sell the properties or it would have the right to seize them. The sooner he can sell them, the lower his interest rate at payoff would be.
SVN Moecker said it plans to sell the land in Hillsboro Beach by Sept. 27.
The larger piece of land is 11.3 acres at 1174 to 1185 Hillsboro Mile. With 600 feet of the Atlantic Ocean on one side and 600 feet of the Intracoatal Waterway on the other, the site is zoned for up to 16 units per acre.
The other property is 3.35 acres at 1101 and 1107 Hillsboro Mile, which also touches both the beach and the Intracoastal. They could be divided into three lots for single-family homes.
“It’s very rare to find this quality and quantity of acreage in Hillsboro Beach still available for development,” said Keith Kidwell, managing director of SVN/Moecker Realty Auctions. “It represents one of the last opportunities to own significant oceanfront and Intracoastal acreage in the ‘Millionaires Mile’ area. We anticipate significant investor and developer interest.”
Just south on the same road, a mega mansion was listed for sale at $159 million.
If Kennelly can sell the Hillsboro Beach land for what he expects, he could pay off the debt on his remaining properties in the bankruptcy case.
From the South Florida Business Journal: https://www.bizjournals.com/southflorida/news/2016/01/22/auction-firm-hired-to-sell-50m-of-oceanfront-land.html