F
low, an affiliate of Miami-based company led by Adam Neumann, outbid Melo Group for a 16-acre development site in El Portal with a $70.5 million offer. The property, previously a trailer park, was sold at a court-ordered auction after its previous owner, Fu Jing "Leo" Wu, was accused of defrauding foreign investors out of over $50 million. Avison Young's Michael Fay led the auction process on behalf of receiver Michael Goldberg.

    Melo Group had initially submitted a stalking horse bid of $35 million but increased it to $70.1 million before losing by $400,000. Unicapital Asset Management Group also participated in the bidding but dropped out early, citing concerns about getting into a bidding war. Flow's spokesperson declined comment on their plans for the site.

    The property is zoned for a 3 million-square-foot mixed-use project and could accommodate up to 2,400 units. It has been vacant since 2016 when residents were relocated as part of a settlement with the village of El Portal. A four-year-old lawsuit against Wu's entities alleged misappropriation of investor funds meant for redevelopment projects, including this site and a former federal immigration building in Miami. Wu denied any wrongdoing and agreed to settle, receiving $5 million from the sale proceeds of both properties.