Cirrus Real Estate Partners has won a bankruptcy auction for a fully entitled development site at 340 Biscayne Boulevard for $95 million — $18 million more than its initial winning bid, which a federal judge voided due to procedural issues with the first sale.

The re-auction Wednesday afternoon lasted just 10 minutes, with Cirrus opening at a $77 million credit bid and trading $5 million increments with an unknown competing party until reaching the final price. Concierge Auctions conducted the sale, with Gabriel Flores of One Commercial serving as listing agent.

The site, currently occupied by the 100-room Holiday Inn Port of Miami-Downtown built in 1950, is fully entitled for an 82-story, nearly 1 million-square-foot mixed-use project dubbed Regalia on the Bay. Approvals include 374 residential units, 120 hotel rooms, commercial and office space, and 500 parking spaces. The hotel is expected to close within 45 days of sale finalization, with 66 employees facing layoffs.

Brazilian investor and developer Gilberto Bomeny purchased the property in 2015 for $65 million. Cirrus provided a $70 million loan to Bomeny in 2023, renewing earlier debt and adding $7.4 million. After Bomeny defaulted, Cirrus initiated UCC foreclosure proceedings, prompting Bomeny to file for Chapter 11 protection to stave off the sale.

A December 17 auction initially resulted in Cirrus winning with a $77 million credit bid, but an attorney for the bankrupt entities objected, arguing that technical difficulties prevented other bidders from participating. U.S. Bankruptcy Judge Laurel Isicoff voided the results and ordered a new auction with improved bidder support protocols.

The property sits directly north of PMG's under-construction Waldorf Astoria Hotel & Residences Miami, positioning it within an emerging supertall corridor along Biscayne Boulevard. Cirrus's $95 million purchase requires court approval at a February 11 hearing.