Dubai developer buys Florida condo collapse site for $120m

A billionaire Dubai developer will buy the site of a south Florida condo that collapsed last June, killing 98 people, for $120 million after no further bids were received by Friday night’s deadline for next week’s auction.

Avison Young’s Michael Fay said hundreds of potential buyers had expressed interest in the property, but none were ultimately willing to beat the strong initial offer from DAMAC Properties’ Hussain Sajwani. Avison Young is the commercial real estate firm hired to market the property in a class action lawsuit.

The auction for the 0.72 hectare Surfside property was scheduled for Tuesday. Earlier this month, the victims’ families reached a $997 million settlement with local officials, developers of an adjacent building and others they blame for the collapse of the 40-year-old, 12-story beachfront building in the early hours of this morning. Dollars June 24th.

Most of the Champlain Towers South suddenly collapsed around 1:20 a.m. on June 24 when most residents were asleep. Only three people survived the initial collapse. No other survivors were found despite the efforts of rescuers, who spent two weeks digging through a 12-meter-tall pile of rubble. Another three dozen people were in the part of the building that remained standing.

Residents and visitors to the condominium formed a melting pot: Orthodox Jews, Latin Americans, Israelis, Europeans, and Snowbirds from the Northeast.

The National Institute of Standards and Technology is investigating the cause of the collapse, a process expected to take years. Dubai developer buys Florida condo collapse site for $120m

Bobby Allyn

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