Sperry Van Ness, Fisher To Auction Miami Arena

MIAMI-Sperry Van Ness and Fisher Auction Co. Inc. are scheduled to auction the 4.7-acre redevelopment site of the Miami Arena on Aug. 10. A current $25-million contract is subject to higher offers at the on-site auction, and the auction is subject to a minimum $25,000,100 bid.The Miami Arena, located at 721 N.W. 1st Ave., adjacent to Miami Metrorail and near Interstate 95, is the former home of the National Basketball Association’s Miami Heat and the National Hockey League’s Florida Panthers. The property, zoned C1-Restricted Commercial, can have up to 300 multifamily units an acre, which equals 1,410 units total.The Miami Sports and Exhibition Authority authorized this government-owned auction. Auction participants must submit a $3-million bid deposit. Louis B. Fisher III, CEO of Fisher Auction Co. in Pompano Beach, FL, is handling the auction.