Dubai Developer Buys Surfside Condo Collapse Site For $120 Million

Dubai Developer Buys Surfside Condo Collapse Site For $120 Million

A billionaire developer from Dubai will soon be the new owner of the beachfront property where 98 people died in the 2021 Surfside condo collapse in South Florida, according to The Miami Herald.

Hussain Sajwani, the owner of DAMAC Properties, was the only bidder for the 1.8-acre piece of land at 8777 Collins Ave that once was home to the 12-story Champlain Towers South. 

Michael Fay of commercial real estate firm Avison Young was appointed to sell the property as part of a class-action lawsuit. The proceeds from the sale will go towards the compensation for relatives who perished in the building’s collapse on June 24, 2021. The collapse is considered one of the deadliest building failures in decades. 

WSJ notes the families of the victims reached a $997 million settlement with insurers last week. 

A DAMAC spokesman said Sajwani plans to build an ultra-luxury condo complex. 

“While nothing can take away the pain or suffering, we are happy that we are moving forward with this successful purchaser to help bring closure for everyone,” Fay said. 

Miami-Dade Circuit Judge Michael Hanzman oversees the transaction and will likely approve the sale. Fray expects it to happen “immediately.” 

It appears Sajwani is the anonymous bidder that offered $120 million for the property in August.

Tyler Durden
Sun, 05/22/2022 – 13:25

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