A stalled Fort Lauderdale resort partially built with $30 million from the EB-5 immigrant investor visa program will be auctioned off next month after a Florida bankruptcy judge on Wednesday approved bidding procedures for the property, which has attracted a $39.1 million initial bid.
U.S. Bankruptcy Judge Raymond B. Ray said he would sign off on the bidding procedures proposed by debtor 550 Seabreeze Development LLC, which was building the Las Olas Ocean Resort, a planned 136-room hotel that is 70 percent complete.