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SURFSIDE, FL | 8777 Collins Avenue | FT | FLOORS

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

https://s12.therealdeal.com/trd/m/up...y-1090x720.jpg

Quote:

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.

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TRD

Feels kind of icky to be honest.

How else they gonna pay for that billion dollar settlement? The city should have declared it a park but again... $$$ Having said that I'm assuming at that price whatever built will be spectacular and jaw dropping and probably huge.

Yeah with a $120 mil just for the parcel, this will be something very nice.

Does feel a little icky considering what transpired here but at least what will rise will be of high caliber.

I wonder if we may be looking at a potential new tallest for Surfside on a side note.

“We took action and moved fast”: Damac boss on Surfside plan, US expansion

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[...]

Now that you’ve closed on the site, what’s next?

First of all, we really [want to offer] our deepest condolences for the victims of this building and what has happened. We will do anything we can to make their experience less harmful.

On the business side, we are planning to put up the most luxurious, the highest standard of condominiums in North America and in the world on that [site].

It will take a little time because we have to hire a number of consultants, architects, planners and others. We just received the land a couple of weeks ago and that normally takes a couple of months. Then the standard process takes about six to nine months between planning, designing, tendering until the construction starts.

Besides it being a Cavalli-branded building, what else can you tell us about the design?

We want to make it very luxurious, and have all the amenities and facilities in the building, from swimming pools and gyms and restaurants and services, which would qualify [it as] the most luxurious condominium globally.

Do you plan to honor the 98 victims who died in the collapse? Have you considered working with the town and the families to create a memorial?
We would love to meet with the community, with the people and I’m going to send some of my senior executives to Miami and to meet with the government officials and the city councils to see if there’s anything we can do and contribute to make that bad incident less hurtful and less bad.

What can you tell us about pricing and Damac’s timeline for this project?
It is too early but we are of course in a competitive market so we have to be competitive.

Is there a Damac project out there you can compare this to?
[Last year] we launched Cavalli tower in Dubai. We have done some interesting amenities in that building, including an artificial beach. Of course, here we don’t have to do an artificial beach – there’s one of the most beautiful beaches in the world there.

Every Cavalli tower is going to have its own style and class. And of course, we have to do a little more homework on the local demand. What the people, what our customers want, it’s very important. What the customer wants aside from an apartment, the amenities. You appreciate that every city is a little bit different.

Are you eyeing other U.S. sites?

At the moment, we want to focus on Surfside and get it off the ground. Of course we are open to other cities. We think New York has potential, and Boston – those are two cities on the East Coast where we would love to do something in the future. We have a number of projects in Toronto.

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https://therealdeal.com/miami/2022/0...-us-expansion/

Developer reveals plans for former condo collapse site in Surfside (Photos)
https://www.bizjournals.com/southflo...-surfside.html

Quote:

Dubai, United Arab Emirates-based Damac Properties, led by billionaire Hussain Sajwani, tapped Zaha Hadid Architects, founded by the late Zaha Hadid, to craft the project. It’s working with Hollywood-based O’Donnell Dannwolf and Partners Architect, just as ZHA did with One Thousand Museum in downtown Miami.

“We are honored to have been chosen for this very special project. While no work of architecture can ever remove the pain of the past, nor should it, a truly ambitious work of architecture can respect such a significant site,” stated Chris Lepine, director of Zaha Hadid Architects. “It’s a great responsibility to be providing this vision for Surfside.”

The developer anticipates launching sales around the time construction starts in late 2023 or early 2024, pending city approval. The plans were recently submitted to the city, with two variations of the design.

“We know we cannot replace what was so painfully lost, but it is our desire that the building honors and respects its location at the heart of Surfside’s community and offers a sense of closure to the tragic event of the past while also providing a sense of a new beginning,” stated Niall Mc Loughlin, senior VP of communications for Damac International.

*12 Floors, 57 Units

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