Champlain Towers South Site Officially for Sale
A contract for $120 million is in review by an undisclosed stalking horse bidder.
SURFSIDE, FL—Pursuant to the direction of the Honorable Judge Michael A. Hanzman and the court appointed receiver Michael Goldberg, Avison Young officially launches the marketing process for the sale of the Champlain Towers South site in Surfside, Florida, today. According to a prepared release, efforts to establish a suitable memorial immediately adjacent to or near the site honoring the cherished memories of the victims of the horrific tragedy of June 24, 2021, are ongoing.
Avison Young’s Michael T. Fay and his team John K. Crotty, David Duckworth, Brian C. de la Fé, and Berkley K. Bloodworth are spearheading the sale, pro bono. The team welcomes all inquiries regarding the property and will soon announce the date and time for a live bidding process to take place in the courtroom in the coming weeks. Additionally, a contract for $120 million is in review by an undisclosed stalking horse bidder.
The Surfside land at 8777 Collins Ave. spans ±1.88 acres or ±81,886 square feet.
As GlobeSt.com previously reported, the collapse of the Champlain Tower South condo building earlier this year has the potential to completely and permanently reconfigure the way experts model risk and conduct risk assessment in coastal areas. That analysis was according to S&P Global Intelligence. Having said that, coastal areas are still desirable.
According to a recent GlobeSt.com article, affordable coastal metro areas in Florida have become hot destinations for homebuyers, according to CoreLogic’s 2020’s Hottest Cities for Homebuyers report. As more homebuyers moved to places like Lakeland and Tampa, they moved away from large coastal areas like New York, Los Angeles and San Francisco.