News

Surfside condo collapse site to be sold to Dubai’s DAMAC Properties for $120 million

The site of the Surfside condo collapse that killed 98 people last year is being sold to a Dubai developer for $120 million, according to The Miami Herald.

DAMAC Properties’ Hussain Sajwani was the only bidder for the package before Friday’s deadline, according to the outlet.

The 4-acre tract of land was once home to the 12-story Champlain Towers South building, which collapsed last June, killing nearly 100 people.

According to The Herald, DAMAC has previously indicated that it plans to construct a luxury residential building on the property.

The proceeds from the sale will go towards compensating the families of the collapse victims and the owners of apartments in the building.

According to The Wall Street Journal, those parties agreed a $997 million settlement with insurers last week.

“While nothing can alleviate the pain or suffering, we are pleased to move forward with this successful purchase to help bring closure to all,” Avison Young’s Michael Fay told The Herald.

Champlain Towers South
The collapse of the Champlain Towers South last June killed 98 people.
AP
Champlain Towers South
Proceeds from the sale will benefit the families of the victims of the collapse.
AFP via Getty Images

https://nypost.com/2022/05/20/surfside-condo-collapse-site-to-be-sold-to-dubais-damac-properties-for-120m/ Surfside condo collapse site to be sold to Dubai’s DAMAC Properties for $120 million

JACLYN DIAZ

USTimeToday is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimetoday.com. The content will be deleted within 24 hours.

Related Articles

Back to top button