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Champlain Towers South Collapse Site

Today Marks One Year Since the Deadly Champlain South Tower Collapse

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Champlain Towers South Collapse Site
Photo credit: NPR Illinois

Today marks one official year since the deadly Champlain Tower South Surfside Collapse. Since that time, this tragic event has reached so many across Florida as well as the United States. Not only has it reached many families and friends, but it has caused a need for change within local governments, condo safety, and protocol.

On June 24, 2021, around 1 am, residents began noticing the Champlain Tower South shaking, and within just a few seconds, the building partially collapsed destroying 55 units as well as taking countless lives. During the first signs of the collapse, Rescue crews began racing to the scene to search for survivors.

*The deadly collapse resulted in 98 lives lost. As of May, it was announced that the payout to the survivors has resulted in a $1.02 billion split amongst the families.

In October 2021, the site was put up for sale to cover legal fees, expenses, and other fees associated with the collapse. The site was listed for $95.6 million. Right after the property was listed, billionaire real estate developer Hussain Sajwani offered $120 million with the stipulation that he would obtain possession by the spring of 2022 to begin construction on a luxury high-rise.

In May 2022, Sajwani (DAMAC Properties), announced his plans to build a luxury tower, Cavalli Tower. This tower will resemble the Cavalli Tower that DAMAC is currently building which will be completed in 2025. The units would begin at $4.5 million once complete.

During the same time in May, Legislation that prohibits associations from waiving reserve requirements mandates 30-year inspections of condo structures three floors or taller, or 25 years if within three miles of the shore, and mandates reserve studies including structural components were passed by Florida lawmakers. Associations will have to undergo another recertification procedure ten years after the initial inspections. Condominium boards and their members may also be held accountable under the law for non-compliance.

June 23, 2022-One of the last steps before the litigation due to the collapse is over the impending sale to DAMAC. Judge Michael Hanzman approved the $1.02 billion class-action settlement and the condominium termination in court on Thursday (a technical process required for Damac to close on the land). The year-long process to settle the lawsuit was discussed by the judge, the lawyers, the survivors, and those who lost loved ones.

Champlain Towers South Under Contract

Champlain Towers South Site Under Contract for $120 Million

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Champlain Towers South Under Contract

After the devastating Champlain Towers South Condo collapse that occurred on June 24th and all search efforts ceased, demolition and clearing of the site began. As of August 30th, the site located at 8777 Collins Avenue, Surfside was cleared and listed for sale at $95.6 million.

Right after the property was listed, billionaire real estate developer Hussain Sajwani offered $120 million with the stipulation that he would obtain possession by the spring of 2022 to begin construction on a luxury high-rise.

The sale for the 2-acre waterfront property has been officially and is now under contract. Now that the property is under contract, Sajwani has to pay a $16 million deposit. Judge Michael Hanzman approved the agreement with timeline outlines for inspections and deadlines for other bidders. This would include the $16 million deposit as non-refundable following a 60-day inspection period.

With the sale of this site, there has been a lot of pushback among the survivors and the victim’s families. As part of a class-action lawsuit, the judge that is selling the property has tried to expedite the sale in order to get the families compensated.

Proceeds from the sale are still unknown. The attorney for this transaction stated that the appraised value of the property is $95.6 million. The total for the insurance coverage held by the condo association is $48 million. There is also $30 million in property damage and $18 million for personal injury. The decision is whether to award the families all of the $120 million and the $30 million property insurance payout or award the appraised value of $95.6 million.

Some families have also petitioned for a memorial to be built on the property rather than another tower. Families have sent letters to state and federal lawmakers asking to assist in purchasing the land for a memorial. The families have asked the Surfside Commission to add a referendum on the upcoming ballot for voters to approve a land-swap proposal to build the memorial and a community center. Press conferences have also played a role but with no such luck.

Sajwani has an extensive portfolio with establishments of his company DAMAC Properties in global cities like Dubai, Abu Dhabi, Amman, Baghdad, and London. Sajwani has heavily invested in luxury fashion, real estate, hospitality, and manufacturing.