Dubai Developer Closes On $120M Purchase Of Surfside Collapse Site
The site of the Surfside, Florida, condo tower that collapsed and killed 98 people is under new ownership.
Dubai-based developer Damac Properties has closed on its acquisition of 8777 Collins Ave., where the Champlain Towers once stood, for $120M, The Real Deal reports, citing court documents filed by the condo association’s court-appointed receiver.
The money from the sale will go toward paying the $1.02B settlement Miami-Dade County Judge Michael Hanzman awarded to the families of the deceased and survivors of the June 24, 2021, collapse. Funds from the acquisition have been placed in a trust.
Developer Hussain Sajwani’s firm was the only bidder in the public auction for the site after emerging last year as a stalking-horse bidder. Avison Young managed the sale process on behalf of the court receiver, while Damac was represented by Jeff Cohen and Vivian Diamond of Brown Harris Stevens, TRD reports.
Damac Properties looks to build a Cavalli-branded luxury condo development on the former Champlain Towers site, although more details on the property haven't been released.
Damac has built tens of thousands of units in its native Dubai and forged a partnership with former President Donald Trump on a branded golf course — a partnership Sajwani affirmed even after the Jan. 6 insurrection, when most real estate firms distanced themselves from the developer-turned-politician.
“We fully understand the emotions surrounding the site and wish to approach the development with full consideration of the community’s benefit," Damac spokesperson Niall McLoughlin told TRD last year when discussing the company's interest in a new project.