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A billionaire Middle Eastern real estate developer is offering $ 120 million for the two-acre beachfront site where a Florida condo collapsed in the middle of June night, killing 98 people.

East Oceanside Development, owned by Dubai-based DAMAC Properties, a UAE-listed company founded by wealthy businessman Hussain Sajwani, has agreed to offer $ 120 million for the Surfside property, The Miami Herald reported, citing a court document filed Friday.

The 12-story Champlain South Towers partially collapsed on June 24. The rest of the 136-unit condominium complex was destroyed on July 4 as rescuers searched the rubble looking first for survivors and then for the remains of the victims.

Eventually, a high rise luxury condo is expected to be built on the site.

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

Hussain Sajwani, has agreed to offer $ 120 million for the Surfside property.
REUTERS

The real deal paid off other companies will be able to submit bids at an auction scheduled to take place in late February or March. Court documents show that information on the site has been given to more than 160 interested buyers, and the realtors who manage the property continue to market it.

Coast Guard boats patrol in front of the partially collapsed condo building of the South Champlain towers
The building partially collapsed, killing 98 people.
PA

The judge in charge of the cases filed against the condominium board and the developers approved the sale of the site in July. Profits should be used to compensate victims and their families. Legal claims could reach $ 1 billion, according to The Real Deal.