Not so fast! Cirrus’ $77M winning bid for downtown Miami site in dispute

Brazilian developer Gilberto Bomeny wants to put the brakes on Cirrus Real Estate taking over his distressed downtown Miami redevelopment site, in a predicament playing out between Christmas and New Year’s. Bomeny entities that own the parcel at 340 Biscayne Boulevard, home to a Holiday Inn built in 1950, asked a Miami federal bankruptcy judge last week to throw out Cirrus’ $77 million credit-bid victory and order a new auction. In a Dec. 25 motion, the entities allege that “constant changes and irregularities” in the sale process shut out rival bidders.  Bomeny’s request sets up a showdown before U.S. Bankruptcy […]This article originally appeared on The Real Deal. Click here to read the full story.