A billionaire Dubai developer will pay $120 million to acquire the site of a South Florida condominium that collapsed last June, after no one else submitted a bid before the deadline Friday night. next week’s auction.
98 people died in the disaster.
Noticen Young’s Michael Fay said hundreds of potential buyers had shown interest in the property, but ultimately none were prepared to match DAMAC Properties’ Hussain Sajwani’s strong initial bid. Avison Young is the real estate firm that was named to sell the land as part of a class action lawsuit.
The auction of the 0.72-hectare (1.8-acre) lot in Surfside was scheduled for Tuesday. This month, families of victims reached a $997 million settlement with local officials, developers of an adjacent building and others they blame for the collapse of the 12-story, 40-year-old beachside building in the morning of June 24.
Most of the Champlain Towers South complex collapsed suddenly at about 1:20 a.m. while most of its occupants were asleep. Only three people survived the crash. No other survivors were found despite rescuers digging 24 hours a day through a 40-foot (12-meter) pile of rubble for two weeks. Three dozen other people were in the portion of the building that did not fall.
In the condominium there were residents and visitors of different origins: Orthodox Jews, Latin Americans, Israelis, Europeans and Northeastern Americans who came to enjoy the sunny weather.
The National Institute of Standards and Technology is investigating the causes of the crash, a process that is expected to take years.