Miami Arena Auction Carries $25M Minimum Bid

MIAMI-The Miami Sports and Exhibition Authority, which owns and operates the Miami Arena, plans to auction the property on Aug. 10, with the minimum bid set at $25 million. The 337,000-sf arena is located on 4.7 acres at 721 N.W. 1st Ave. in Downtown. The land’s duel zoning allows for a high-density multifamily residential area with up to 300 units per acre.Bidders are required to pay a $3-million deposit to take part in the auction and may contact Fisher Auction Co. Inc. for more information. Also, a “How to Bid” seminar is set for. July 27 at the Miami Arena. Proceeds from the arena’s sale will help pay for a new baseball stadium for the Florida Marlins.The Miami Arena, built in 1988, was home to the National Basketball Association team the Miami Heat, which played 11 seasons there before a new arena was built, and the National Hockey League team the Florida Panthers, which played six seasons there before moving to a new arena. The University of Miami Hurricanes men’s basketball team also played at the arena for 15 years, then moved on campus last year.