MIAMI—1446 Ocean Drive, a prime redevelopment site in Miami Beach, is up for a sealed bid auction. Cushman & Wakefield and Fisher Auction Company are the exclusive advisors on the deal.

CushWake senior director Rosendo Caveiro and Fisher's Francis D. Santos are representing the existing cooperative association. The site is being offered at a

minimum bid of $26 million.

"The site's location and zoning make it ideal for a five-star luxury condominium project or boutique hotel," Caveiro tells GlobeSt.com. "This is a once-in-a-lifetime chance to purchase ocean-view Miami Beach real estate in one of the world's most desirable, chic and popular markets."

The ±0.321-acre site is currently home to a 45-unit, ±22,000-square-foot residential cooperative and commercial space that was built in 1960. The property offers about 96 feet of frontage on Ocean Drive and unobstructed views of Lummus Park on South Beach and the Atlantic Ocean. Lincoln Road, Miami Beach Convention Center, Collins Avenue and many retail and entertainment venues are within walking distance.

"We look at this like a blank canvas with the opportunity to create something different, high-end, stylish and in vogue," Santos tells GlobeSt.com. The property is zoned Mixed Use Entertainment and located in the Ocean Drive-Collins Avenue Historic District. Future development could include luxury condominiums, a hotel or commercial developments up to 50 feet or five stories in height.

Sealed bids for the site are due Jan. 15, 2016. The top bidders will then participate in a live auction to be held on Jan. 20, 2016.

"Two-thirds of the co-op owners have already approved the sale, as required by their bylaws," says Caveiro. "The reserve price of $26 million has been agreed upon and the highest bid above that will constitute a sale."

Meanwhile in Miami Beach, bulk condo sales are still hitting the market—and this one is especially significant. Avison Young is marketing Lincoln West Gardens, a five-story 40-unit residential tower at 1250 Lincoln Road in Miami Beach.