The members of a residential co-op in Miami Beach have agreed to sell their building at auction — and the bidding will start at $26 million.
More than two-thirds of residents voted to sell, as required by the co-op’s bylaws, according to brokerage Cushman & Wakefield, which is partnering with the Fisher Auction Company on the sale.
Interested buyers must submit bids by Jan. 15. A live auction will then be held for the top bidders on Jan. 20.
$26 million Starting point for bids on the Miami Beach co-op up for auction
The 45-unit building, at 1446 Ocean Dr., Miami Beach, was built in 1960, county property records show. It sits on the dry side of Ocean Drive and has views of Lummus Park.
The new owners of the small third-of-an-acre lot will likely want to tear the co-op down. The site is zoned for mixed-use development and could allow for a five-story luxury condo, hotel or commercial property, according to Cushman & Wakefield.