Real Estate

Surfside condo collapse site to be sold to Dubai’s DAMAC Properties for $120M

The positioning of the Surfside rental collapse that killed 98 folks final 12 months will probably be offered to a Dubai developer for $120 million, according to The Miami Herald.

Hussain Sajwani, of DAMAC Properties, was the one bidder for the parcel earlier than a Friday deadline, in accordance with the outlet.

The 1.8 acre piece of land was as soon as residence to the 12-story Champlain Towers South constructing that crumbled final June and claimed practically 100 lives.

In response to The Herald, DAMAC has beforehand indicated that it plans to construct a luxurious residential constructing on the plot.

Proceeds from the sale will go towards compensation for family of collapse victims and those that owned residences within the constructing.

These events agreed to a $997 million settlement with insurers final week, in accordance with The Wall Avenue Journal.

“Whereas nothing can take away the ache or struggling, we’re completely satisfied that we’re transferring ahead with this profitable buy to assist convey closure for everybody,” Michael Fay, of Avison Younger, advised The Herald.

The collapse of the Champlain Towers South killed 98 folks final June.
AP
Champlain Towers South
Proceeds from the sale will go to households of victims of the collapse.
AFP by way of Getty Pictures

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