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

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The location of the Surfside apartment collapse that killed 98 individuals final yr might 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 keeping with the outlet.

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

In keeping with 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 kinfolk of collapse victims and those that owned residences within the constructing.

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

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

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