Damac Properties of Dubai will purchase for $120M the Miami Beach-area oceanfront property that was the site of a condo tower collapse in June that killed 98 people.
Damac was the only bidder to submit an offer by a court-imposed deadline of last Friday for the site of the June 24 collapse of one of the Champlain Towers apartments. According to the Associated Press, Damac earlier this month raised its cash deposit from $16M to $50M on the 1.8-acre beachfront site. The property was listed by Avison Young.
Damac, founded by billionaire Hussain Sajwani, plans to build a luxury residential project on the site. The company has developments throughout the Middle East and in London.
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