Five years after the catastrophic collapse of Champlain Towers South in Surfside, Florida, which killed 98 people, a Dubai-based developer is struggling to sell luxury condos on the site. Damac Properties acquired the beachfront plot in 2022 and launched sales for a new tower, with units starting at $15 million. However, according to The Wall Street Journal, not a single unit has been sold since the sales process began 18 months ago.
Martin Langesfeld, whose sister and brother-in-law died in the 2021 disaster, told the newspaper: “It’s prime real estate, but it came at the cost of 98 lives.” Construction on the project paused in February because the developer had not secured necessary insurance. A Damac spokesperson confirmed the pause was directly related to finalising the insurance programme, which has now been concluded, and that the project remains on track for completion in 2029.
The spokesperson added that total investment in construction so far is approximately $40 million, and that while no units have been sold, there has been “substantial interest”. The firm is committed to “Tier 1” pricing and has chosen not to discount before vertical construction. Damac’s purchase of the site helped fund a $1 billion settlement for victims’ families, some of whom had called for a memorial on the land.
Local officials have committed to building a memorial nearby, with Damac pledging $1.5 million towards it. The developer has also offered to give up seven feet of its property line for the project. A Damac spokesperson emphasised the company’s openness to constructive dialogue with families and stakeholders, stating they look forward to “a permanent and meaningful tribute established for the 98 lives lost”.
Meanwhile, the National Institute of Standards and Technology continues its investigation into the collapse. In March, investigators submitted a report to Congress indicating that most technical work is complete, including material testing and full-scale replica building tests. A video update is expected this month.
