comscore Dubai developer to buy Florida condo collapse site for $120M | Honolulu Star-Advertiser
News

Dubai developer to buy Florida condo collapse site for $120M

  • ASSOCIATED PRESS / MAY 12
                                Workers pump water out of the foundation of the former Champlain Towers South building in Surfside, Fla. The Eighty Seven Park building is to the south. Parties associated with the building and others have agreed to a settlement of $997 million to compensate the victims and families of those killed when the Champlain Towers South building collapsed nearly a year ago.

    ASSOCIATED PRESS / MAY 12

    Workers pump water out of the foundation of the former Champlain Towers South building in Surfside, Fla. The Eighty Seven Park building is to the south. Parties associated with the building and others have agreed to a settlement of $997 million to compensate the victims and families of those killed when the Champlain Towers South building collapsed nearly a year ago.

  • ASSOCIATED PRESS / MAY 12
                                Pablo Langesfeld looks at the name of his daughter Nicole Langesfeld in Surfside, Fla. A large banner with the names of the 98 killed in the collapse of the Champlain Towers South building nearly a year ago, was installed around the site.

    ASSOCIATED PRESS / MAY 12

    Pablo Langesfeld looks at the name of his daughter Nicole Langesfeld in Surfside, Fla. A large banner with the names of the 98 killed in the collapse of the Champlain Towers South building nearly a year ago, was installed around the site.

A billionaire developer from Dubai is set to purchase the site of a South Florida condominium that collapsed last June, killing 98 people, for $120 million after no other bids were submitted by the Friday evening deadline for next week’s auction.

Michael Fay, of Avison Young, said hundreds of potential buyers had shown interest in the property, but none were ultimately prepared to match the strong initial bid of Hussain Sajwani, of DAMAC Properties. Avison Young is the commercial real estate firm that was appointed to market the land as part of a class-action lawsuit.

The auction for the 1.8-acre (0.72-hectare) parcel in Surfside was scheduled for Tuesday. Earlier this month, families of the victims reached a $997 million settlement with local officials, the developers of an adjacent building and others whom they hold responsible for the collapse of the 40-year-old, 12-story beachside building during the early hours of June 24.

Most of the Champlain Towers South collapsed suddenly about 1:20 a.m. last June 24 as most of its residents slept. Only three people survived the initial collapse. No other survivors were found despite the around-the-clock efforts of rescuers who dug through a 40-foot (12-meter) pile of rubble for two weeks. Another three dozen people were in the portion of the building that remained standing.

The condominium’s residents and visitors 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 that is expected to take years.

Comments (0)

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature

Scroll Up