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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.

The Celino South Beach Hotel

Miami-Based Investors Including Alex Rodriguez Purchased a South Beach Hotel

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The Celino South Beach Hotel
Photo Credit: CGI Merchant Group

Alex Rodriguez with a Miami-based investor group recently purchased a South Beach hotel located directly on Ocean Drive. The investors, also known as CGI Merchant Group is an international management firm that focuses on real estate investments and private equity. The purchase was officially announced Wednesday.

The Celino South Beach, located at 640 Ocean Drive was originally built in 1937 and has been named the largest hotel complex on Ocean Drive. The deal itself was financed through CGI’s Hospitality Fund of $650 million. The purchase price is still unknown.

Going forward, all CGI hotel properties will hold the Hilton brand. The Celino South Beach comprises of 132 rooms which include 26 penthouse suites.

According to the CGI founder, “We are thrilled to be part of the Miami Beach family and to partake in the reinvention of Ocean Drive. We look forward to helping the area reach its full potential and sharing how it reflects our vision for the hospitality industry. ”

The Celino South Beach was renovated in 2019 is expected to reopen in the fall of 2021. Its sister property, The Gabriel Miami located at 1100 Biscayne Blvd has recently reopened.

CGI was originally founded in 2006 and has invested in multiple Miami mixed-use properties including 3480 Main Highway, 550 Biltmore Way, and 55 Miracle Mile.