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Hill City Capital bids $88M for Spirit Airlines HQ in Dania Beach
The stalking-horse bid covers an 8.3-acre Spirit Central campus, with the auction pushed to Aug. 11 and Hill City entitled to a 3% break-up payment if outbid.
Bisnow reports that a Boston-based hedge fund, Hill City Capital, has emerged as the stalking-horse bidder for the former Spirit Airlines headquarters in Dania Beach, Florida.
According to bankruptcy filings cited by Bisnow, Hill City submitted an $88 million all-cash bid for an 8.3-acre complex at 1731 Radiant Drive. The property was put up for sale after Spirit, which filed for bankruptcy in late 2024 following years of losses, shut down in May, leaving about 17,000 employees without jobs.
Bisnow says the auction for the site, known as Spirit Central, has been delayed multiple times and is now scheduled for Aug. 11, originally set for July 22. Under the proposed arrangement, Hill City would allow Spirit to occupy a small office in the building to complete wind-down operations through the end of October, and if Hill City is outbid it would receive a payment equal to 3% of the proposed purchase price plus expense reimbursement up to $500,000.
The outlet also notes the bid represents a discount to how Spirit valued the property in its bankruptcy filings, where it listed the land at $33 million and the four buildings, including a 180,000 square foot, six-story office building and other facilities, at $288 million.