The undeveloped tract planned to hold luxury condos, high-end retail and posh hotel rooms at Biscayne Landing will go to the highest bidder at a foreclosure auction April 6.

But only if the city of North Miami approves the buyer.

The 190 acres between Northeast 137th and Northeast 151st streets along Biscayne Boulevard, with views overlooking Biscayne Bay and Oleta River State Park, beckon for a new developer to complete what Boca Developers -- the Deerfield Beach company in charge of the project -- could not.

Meanwhile, the only complete part of the Biscayne Landing project, two condominium towers plagued with low occupancy rates and owners who complain the luxurious lifestyle promised in sales brochures never materialized, is mired in a separate foreclosure. The 173 unsold units are scheduled for another public auction May 11 after BLIA Developers, the Boca Developers subsidiary that developed The Oaks, lost a $35.5 million foreclosure lawsuit in February.

``Everything that happens at Biscayne Landing matters to us. It's horrifying, the uncertainty about what might happen around your home,'' said Sylvia Londono who spent $400,000 on her two-bedroom condo in The Oaks.

All of the auctions will be available on the new Miami-Dade online foreclosure auction system.

Industry analysts said the auction of the undeveloped land is unlikely to draw many bidders.

On Jan. 21, Wells Fargo obtained a foreclosure judgement against Biscayne Landing. The developer owed the Wells Fargo group $196.3 million, but the foreclosure action only includes a $35 million junior loan.

That means the winner of the auction may be liable for the remaining $161.3 million in debt.

The winner of the auction also will inherit a complex 200-year lease agreement that allows development on North Miami city-owned prime real estate, but assumes a big liability on land encumbered with off-site development requirements.

``The value really doesn't exist until after you build it; development is substantially more risky than real estate,'' said William Hardin, a professor of real estate at Florida International University.

``The city was envisioning an `everything and the kitchen sink' deal,'' he said. ``That's easy to write up in a memo; it's a lot harder to make happen.''

In the lease, the developer is responsible for off-site improvements totaling $28 million, including $10 million for the library and $1 million a year for eight years for the Museum of Contemporary Art.

The city also requires the developer to create affordable housing and rehab older areas.

``They have to reevaluate the deal perhaps immediately or later down the road,'' in order to make the lease more appealing to a potential developer, Hardin said.

That idea has been dismissed by North Miami city officials.

``Those are commitments in the original agreement. Just because someone else takes over doesn't mean they get to back out on what is signed. The words in that contract are binding,'' said Councilman Scott Galvin, who represents the district that includes Biscayne Landing.

Even if the city allowed concessions, Michael Cannon, a real estate analyst, said a potential developer has to consider the environmental factors tied to the site.

``I hope the bidder understands the market and the condition of the land, which was a former garbage dump.'' Cannon said. ``A buyer of this property should do their due diligence.''

835 NE 132nd St. North Miami, FL 33161