MIAMI-Onyx on the Bay, a condo project on downtown Miami’s Biscayne Bay, will see its 40 remaining developer-owned units sold at a bulk auction. The U.S. Bankruptcy Court will auction the downtown Miami waterfront condos on Oct. 5 to recover some of the $22.3 million the developer owes, according to the U.S. Bankruptcy Court Southern District of Florida records.

The court has set the opening auction bid at $7 million, or about $116 a foot, which is the current market value for the block of units, according to the Miami-Dade County Property Appraiser. But the winning bidder will be also be burdened with the cost of completing the building and paying overdue property taxes.

“Problem projects like Onyx are finally coming to a closure,” Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures, tells GlobeSt.com. “This project came to market about a year too late, but a bulk buyer should do well with this block of new units—if they purchase it at the right price.”