How could there be no mention here of the Florida condo that collapsed?

[samhexum]

I just did a search and couldn't find one mention of the subject.  That seems odd.

A billionaire real estate developer from the MIddle East is bidding $120 million for the two-acre oceanfront site where a Florida condo collapsed in the middle of the night in June, killing 98 people.

East Oceanside Development, owned by Dubai-based DAMAC Properties, a publicly traded company in the United Arab Emirates founded by wealthy businessman Hussain Sajwani, has agreed to bid $120 million for the Surfside property, The Miami Herald reported, citing a court document filed Friday.

The 12-story Champlain Towers South partially collapsed June 24. The rest of the 136-unit condominium complex was brought down July 4 as rescue workers combed through the rubble searching first for survivors, then for the remains of the victims.

A luxury high-rise condo is expected to eventually go up at the site.

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

The Real Deal reported other companies will be able to submit offers at an auction expected to occur in late February or March. Court papers show information about the site was given to more than 160 interested buyers, and the real estate agents handling the property continue to market it.

The judge handling the cases filed against the condo board and developers approved the sale of the site in July. Proceeds are expected to go to compensate the victims and their families. Legal claims could reach $1 billion, according to The Real Deal.

 

 

 

Edited September 25, 2021 by samhexum

[Luv2play]

I read in the NYTimes the other day that there is a debate going on about whether a memorial of some kind should not replace the fallen condo. The argument seemed to favor a sale of the property to make as whole as possible the families that lost much if not everything in the collapse. Many were pensioners whose condos were the principal assets they owned.

[samhexum]

13 minutes ago, Luv2play said:

I read in the NYTimes the other day that there is a debate going on about whether a memorial of some kind should not replace the fallen condo. The argument seemed to favor a sale of the property to make as whole as possible the families that lost much if not everything in the collapse. Many were pensioners whose condos were the principal assets they owned.

I'd say they should compromise and stipulate that a small section of the property should be set aside for a memorial, but who's going to buy a luxury condo that's the site of such a thing?  (Not to mention all the people who would show up periodically to grieve, especially on the anniversary of the collapse)

Edited September 25, 2021 by samhexum

[jeezifonly]

A debate about beach property in FL will almost always be won by principles of community regard, fair restitution, and public safety maximizations…

The construction permits will nevertheless be granted them who won the bidding war to develop the lot for the highest profit. (SoCA coast has same issues…

Has there been more um… digging… into the recent construction immediately to the south of the fallen structure, and whether that may have accidentally contributed to the bottom-up failure? Would that investigation introduce limitations on use?
I hope survivors will get everything they demand, first. Will be interesting to watch. Online. (Never going to FL aside from a couple inevitable funerals…)

[samhexum]

6 minutes ago, jeezifonly said:

(Never going to FL aside from a couple inevitable funerals…)

You should put that on a bumper sticker.  I'd buy one.

[Luv2play]

As an historically minded person, I would favor a small plaque erected on the property after the new tower is constructed. Nothing splashy but just a reminder that something momentus happened on that site which riveted the attention of the world for a brief moment.

[Guest]

At an average of $895,000/unit, this gives financial parity to pre collapse values.  That’s very generous in my opinion

[+ tassojunior]

It only had a 1 level underground parking garage that caused the collapse? Many buildings have 4 or 5 lower levels. 

[Luv2play]

15 minutes ago, tassojunior said:

It only had a 1 level underground parking garage that caused the collapse? Many buildings have 4 or 5 lower levels. 

This is Florida. Anything lower than 1 storey in the basement would be an aquarium. Lol

[samhexum]

'Horrible' Rescue operations begin after apartment partially collapses in Iowa, residents complained about repairs

Rescue operations were underway Sunday evening after part of an apartment building collapsed in the eastern Iowa city of Davenport. Authorities have not said whether anyone was killed.

[marylander1940]

Developer Seeks Approval for Zaha Hadid Architects–Designed Condo Complex at Surfside Collapse Site

WWW.ARCHITECTURALRECORD.COM

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Dubai-based developer Damac acquired the property, site of one of the deadliest structural failures in U.S. history, in 2022 for $120 million.

No memorial!

 

[Luv2play]

Interesting that the replacement condo, while about the same size and height of the original that collapsed, will have less than half the number of units. The new structure will have units from 4000 to 15,000 sq. ft.

While the market value of the average unit that disappeared was about $850,000, one imagines the new ones will be priced in the 7 to 8 figure range. Those displaced will not be moving in, one asumes. 

And so another bit of Florida is reserved for the super rich.  

 

Edited August 3, 2023 by Luv2play