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.

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