DAMAC Properties, a Dubai-based luxury real estate developer, has agreed to pay $120 million for the site where 98 people died in June when the Champlain Towers South residential tower collapsed in Surfside, Florida. — Construction Dive
DAMAC, owned by Emirati billionaire Hussain Sajwani, reportedly known as the “Donald Trump of Dubai,” set the minimum price of $120 million for the 2-acre property in 2021. No competing bids were submitted by last Friday’s deadline, resulting in the cancelation of an auction scheduled for May 24th. DAMAC reportedly plans to build a high-end residential project on the site, which will likely be a for-sale condo project.
Whether building on the site is safe or not is up for debate. Despite geotechnical engineering reports on the site having not been released, some experts believe the site itself remains buildable and safe, claiming that the Champlain Tower South’s collapse was primarily due to the design and maintenance of the building.
Others, however, believe the land beneath the site is sinking and unstable, asserting that extensive engineering of the site is required before building another high-rise. There is also the potential of pushback from some of the families of the victims in the condo collapse who are pushing for a memorial rather than a new development.
6 Comments
This'll be interesting to watch. It's tough to imagine lots of folks ponying up a couple of mil (or more) each to get into a new project on a death site. But who knows?
Poltergeist!
^ "Stay out of the pool after dark."
Ghoulish.
Capitalism, ain't it grand!
even death is profitable!
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