Home News Middle East developer bids $120M for site of collapsed Florida condo

Middle East developer bids $120M for site of collapsed Florida condo

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A billionaire real estate developer from the MIddle East is bidding $120 million for the two-acre oceanfront site where a Florida condo collapsed in the middle of the night in June, killing 98 people.

East Oceanside Development, owned by Dubai-based DAMAC Properties, a publicly traded company in the United Arab Emirates founded by wealthy businessman Hussain Sajwani, has agreed to bid $120 million for the Surfside property, The Miami Herald reported, citing a court document filed Friday.

The 12-story Champlain Towers South partially collapsed June 24. The rest of the 136-unit condominium complex was brought down July 4 as rescue workers combed through the rubble searching first for survivors, then for the remains of the victims.

A luxury high-rise condo is expected to eventually go up at the site.

The developer’s bid is considered a “stalking horse,” which sets a minimum price for the property.

Hussain Sajwani, founder and chairman of Dubai's DAMAC Properties
Hussain Sajwani, has agreed to bid $120 million for the Surfside property.
REUTERS

The Real Deal reported other companies will be able to submit offers at an auction expected to occur in late February or March. Court papers show information about the site was given to more than 160 interested buyers, and the real estate agents handling the property continue to market it.

coast guard boats patrol in front of the partially collapsed Champlain Towers South condo building
The building partially collapsed, leaving 98 dead.
AP

The judge handling the cases filed against the condo board and developers approved the sale of the site in July. Proceeds are expected to go to compensate the victims and their families. Legal claims could reach $1 billion, according to The Real Deal.

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