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Middle East Developer to Bid $120 Million for Site of Surfside Collapse

DAMAC Properties founder Hussain Sajwani/FORBES

A real estate developer from the Middle East has offered a $120 million bid for the nearly two-acre property that was the site of June's condo tower collapse where close to 100 residents lost their lives.

East Oceanside Development LLC (E.O.D.), billionaire developer Hussain Sajwani's U.S. based company, filed paperwork for the sale with the receiver for the Champlain Towers South condominium association. E.O.D. is owned by Dubai-based DAMAC Properties which was founded by the wealthy businessman.

Once the bid is finalized, other developers will then be allowed to file their own respective offers. It is theorized that this process will up the final cost for the property. Miami-Dade Circuit Judge Michael Hanzman will preside over the bidding competition and will have the final say on which developer wins the contract.

Hanzman has said that by generating as high a final price as possible, it will better help compensate families of the 98 people who perished as well as the dozens of others who were injured and suffered property loss.

Read full story on Miami Herald


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