Surfside Condos Planned At Collapse Site Remain Unsold, Reports Say

SURFSIDE, FL — A planned luxury condo tower at the former Champlain Towers South site in Surfside has not recorded a single sale since marketing began about 18 months ago, according to multiple reports.

The 12-story building at 8777 Collins Ave. tragically collapsed five years ago, in the early morning hours of June 24, 2021, killing 98 people inside and injuring many others.

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A year after the collapse, Dubai-based Damac Properties bought the property for $120 million.

The site sale helped fund a $1 billion settlement for victims' families.

The developer is planning to build a 12-story “ultra-luxury boutique oceanfront condominium” building there, according to a January 2025 news release from the company.

The starting price for fully furnished condos, either four- or five-bedrooms, is $15 million, the news release said.

The residences will average 7,000 square feet with penthouses starting at 10,000 square feet. Each floor will have no more than four condos, the company said.

The project, built on the site of one of the deadliest structural disasters in U.S. history, has failed to gain traction since sales launched about a year and a half ago, and not a single unit has sold.

Construction began on the project, though it was paused in February over issues obtaining the required insurance for the development, the Wall Street Journal said.

A spokesperson with Damac confirmed to the Independent that the break in construction "was directly related to finalizing the project's insurance program, a standard and necessary step at this stage of a development of this scale and complexity, and one that had to be resolved prior to commencing the next phase."

The spokesperson told the outlet that this process has been completed and the condo tower, which has seen a $40 million investment in its construction so far, is expected to be completed in 2029.

They also told the Independent that though no units have sold, there’s been “substantial interest” in the property and “a number of offers have been made,” but the developers are holding out for higher pricing.

Damac is also planning to give $1.5 million toward the infrastructure and framework for a future memorial at the site, reports said.

See Also:

• Trump Partner Buys Surfside Condo Collapse Site For $120M: Report
• Site Of Tragic Surfside Condo Tower Collapse Hits The Market
• Grandson’s Cigar Company Honors Legacy Of Couple Who Died In Surfside
• Wynwood Mural Honors Surfside Victims, Rescue Workers