SURFSIDE, FL | The Delmore (8777 Collins Avenue) | FT | 12 FLOORS

[chris08876]

Damac to buy Surfside collapse site for $120M — no other bidders for property

Damac Properties is poised to buy and redevelop the Surfside collapse site where 98 people died last summer, after no other developers met the deadline to bid on the property.

The Dubai-based developer was the stalking horse bidder, setting the minimum price last year for the property at 8777 Collins Avenue at $120 million. Earlier this month, in a move that showed its commitment to buy the almost 2-acre site, Damac increased its deposit to $50 million.


The lack of competing bids, which were due by 5 p.m. on Friday, essentially cancels the auction scheduled for Tuesday. Michael Goldberg, the court-appointed receiver for the Champlain Towers South condo association, filed an emergency motion shortly after 5 p.m. on Friday confirming no one else made offers for the site.

Michael Fay, part of the Avison Young team that listed the former Champlain Towers South property, said that he and his team spoke with “hundreds of potential bidders” after an extensive marketing process, and that they “look forward to completing” the deal with Damac.

Damac’s broker, Jeff Cohen with Brown Harris Stevens, said the firm has been “extremely focused” on becoming the successful bidder for the site. Damac increased its deposit from $16 million and shortened its due diligence period, seeing no reason to wait, Cohen said. That moved the auction date up, although it will no longer occur.

Damac plans to build a high-end residential project on the site and called Miami “a natural fit, given its reputation for being a popular, luxurious destination,” in a statement emailed to The Real Deal in October. It will likely be a for-sale condo project.

Michael Fay, part of the Avison Young team that listed the former Champlain Towers South property, said that he and his team spoke with “hundreds of potential bidders” after an extensive marketing process, and that they “look forward to completing” the deal with Damac.

Damac’s broker, Jeff Cohen with Brown Harris Stevens, said the firm has been “extremely focused” on becoming the successful bidder for the site. Damac increased its deposit from $16 million and shortened its due diligence period, seeing no reason to wait, Cohen said. That moved the auction date up, although it will no longer occur.

Damac plans to build a high-end residential project on the site and called Miami “a natural fit, given its reputation for being a popular, luxurious destination,” in a statement emailed to The Real Deal in October. It will likely be a for-sale condo project.

=====================
TRD