Two languishing assemblages of untouched waterfront land in Hillsboro Beach are finally headed to auction, and both are expected to draw bids in the tens of millions.
The properties, which total about 14 acres of prime development turf, officially hit the market this week under SVN. They’re split into an 11.3-acre stretch at 1174-1185 Hillsboro Mile, and a 3.35-acre chunk at 1103 and 1107 Hillsboro Mile.
SVN was appointed to advertise the land by a bankruptcy court as part of a deal to help owner John B. Kennelly stave off foreclosure. Just last year, Kennelly had taken out a $36.5 million bridge loan to pay off three other mortgages he had on the Hillsboro Beach properties.
The lender, Miami’s BridgeInvest, has since won a $38 million foreclosure judgment on Kennelly’s defaulted loan.
Bridge recently agreed on a deal to give Kennelly until November to either sell or refinance the properties, according to published reports.
Keith Kidwell and Will Reynoso of SVN are marketing the properties.
Kidwell told The Real Deal that a final auction date is set for Sept. 27, though they can set an earlier date depending on the response to the marketing campaign.
The 11.3-acre assemblage is split into 12 different parcels and is zoned for multifamily use. Kidwell said the appraised value is around $40 million, though he expects a bids of more than $60 million.
The smaller 3.35-acre plot is split into two separate parcels, though Kidwell said they could be subdivided into a total of three. He said those lots are zoned for single-family uses and could attract a spec home developer. Down the street, the country’s most expensive house is currently for sale — Le Palais Royale — is on the market for a whopping $159 million.
Both assemblages have hundreds of feet fronting both the ocean and Intracoastal Waterway. They’re being sold separately as assemblages — so the individual parcels come as a package.
Kidwell said buyers will have to put down a minimum bid to enter the running for either, but those details haven’t been hammered out yet.