SURFSIDE, Fla. – The site of Champlain Towers South, the property involved in the tragic Surfside collapse, is officially up for sale.
A South Florida judge approved the sale of the oceanfront property where the collapsed condominium building once stood to benefit victims of the deadly disaster that happened last June.
Michael Fay, of commercial real estate firm Avison Young, was appointed by the courts and the court-appointed receiver to manage the disposition of the Champlain Towers South and will conduct the live auction for the property on Tuesday, May 24, at 10 a.m. in the judge’s chambers.
The Surfside property is located at 8777 Collins Ave. and spans about 1.88 acres or 81,886 square feet.
According to the auction report, the property offers approximately 200 feet of direct beach frontage and positioning on Collins Avenue, the barrier island’s major north-south corridor, offering access to South Beach and Bal Harbour.
“We are focused on securing the highest and best possible value to owners, survivors and families of the Surfside collapse victims,” Fay said.
Bidding deposits and qualifications must be submitted to the court-appointed receiver, Michael Goldberg, no later than 5 p.m. on Friday, May 20.
“We marketed the property globally to thousands of individuals,” Fay said.
All prospective bidders are encouraged to participate with offers above $120 million, which is the beginning bidding point set by the initial stalking horse bid.
“The stalking horse bidder, DAMAC properties, is extremely motivated and recently raised their deposit to $50 million and are already bidding $120 million for site,” the real estate firm said in a news release.
“If there’s no other bidders it would be their property at the $120 million and they would be closing shortly here after,” Fay said.