A Dubai firm bought the land where the Surfside tower collapsed

After the partial collapse of the tower, the authorities ordered the demolition of what remained of the building (MARCO BELLO/)

Thirteen months after the fatal collapse of the South Champlain tower in the town of Surfside, Miami Dade County, where 98 people died, the sale of the land that had remained empty after the demolition of what was left of the building was closed.

Just days after the tragedy, which occurred in the early hours of June 24, 2021, an anonymous offer arrived from the Middle East offering $120 million for the land. As the months went by, it became known that it was the signature DAMAC Properties Inc., based in Dubai, owned by billionaire Hussain Sajwani. This week the sale was finally finalized.

“We offered the property all over the world. There were interested developers in Mexico, Canada, Europe, Asia and the Middle East. DAMAC’s offer was strong. We finally chose them because they agreed to the best conditions to close the deal”, he explained Michael Faythe Real Estate agent of the firm Avison Young, whom the court appointed as the person in charge of promoting the land for sale as part of a legal agreement.

For weeks there was rubble on the ground
For weeks there was rubble on the ground (MARCO BELLO/)

As a requirement for sale, an initial deposit of $16 million was required. DAMAC, apart from the 16 million, offered another 34 million dollars as part of the depot after conducting a series of tests with engineers in the field.

As the court has established, With the closing of the transaction, the money passes into the hands of the lawyer Michael Goldberg, who represents the association of the condominium that collapsed. Goldberg will use part of the money, plus the money received from insurance companies, to distribute 96 million dollars among the owners of the 136 condominiums that existed in the South Champlain tower.

Each owner of one of the properties will receive a different amount of money, based on the value of each unit (depending on the square meters it had, number of rooms and view). The value will be determined by an independent company that is responsible for evaluating real estate.

36 apartments disappeared after the collapse
36 apartments disappeared after the collapse (MARCO BELLO /)

DAMAC has already confirmed that its plan is to build another 12-story tower, very luxurious and modern, with first class common spaces.

“We have always considered that Miami was a place where our developments fit in naturally, since it is a popular and luxurious destination”, indicated the DAMAC company spokesperson, Niall McLoughlin.

Sajwani, owner of the company, is close to the former president donald trump, as they did real estate business together in the past. He is known for having made ultra-luxury real estate developments throughout the world, and for having different marketing campaigns associated with the sale of his properties, such as offering to give a Lamboghini to whoever buys one of his units.

Surfside has become in recent years one of the towns with the most expensive real estate developments in South Florida. Its coastal location means that new luxury building complex developments have units exceeding several million dollars in value.

Keep reading:

The process began to distribute the USD 1,000 million among the relatives of the victims of the Surfside tragedy

In an act one year after the Surfside tragedy, they remembered the victims and honored the rescuers

Collapse in Miami: the justice approved a first agreement for UDS 83 million