Site Of Collapsed Surfside Condo Heading To Sale, Expected To Fetch $100M-Plus
A Miami judge has ordered that the site in Surfside, Florida, where the Champlain Towers South condominium once stood must be sold in order to compensate victims and their families. The condominium collapsed June 24, killing 98 people.
Numerous South Florida developers have said they aren't interested in the property, but a broker in charge of marketing it told the South Florida Business Journal that he has been receiving calls every day, and it could sell for $100M or more.
Miami-Dade County Circuit Court Judge Michael Hanzman is presiding over more than a dozen civil lawsuits related to the collapse. Although stakeholders have alternatively called for homes to be rebuilt for displaced residents and for the site to be donated and turned into a memorial or park, the judge said a sale is necessary to supplement $48M of liability and property insurance.
Hanzman chose Avison Young to market the property. Broker Michael T. Fay said he expects Surfside will allow at least 136 units in 12 stories, according to the South Florida Business Journal. Fay is working pro bono, as are numerous other attorneys and professionals involved.
Appraisals have pegged the site's value at $110M to $130M, and an offering memorandum could be ready within a month, The Real Deal reported. Any sale would require approval from both the court and the condo association.
Other city leaders have been trying to raise money from various governments to buy the property at fair market value and create a memorial or incorporate a memorial into a future project. The mayor of Miami Beach has proposed using part of a nearby park for a memorial.
Leading South Florida developers — including Related Group, Terra, Falcone Group, Astor Cos., Estate Cos., Shoma Group and Peebles Corp. — signaled they wouldn't be interested in developing the site, TRD reported last month.