The site where the tragic June 2021 collapse of Champlain Towers South in Surfside occurred will be sold on May 24 via live auction.
Michael T. Fay of Avison Young, a commercial real estate agency, will manage the live auction for the property at 10 a.m. in Miami-Dade Circuit Judge Michael Hanzman’s chambers. Court-appointed receiver Michael Goldberg must have all bidding deposits and qualifications by 5 p.m. Friday, May 20.
“We are focused on securing the highest and best possible value to owners, survivors, and families of the Surfside collapse victims,” said Fay in a news release.
The property at 8777 Collins Ave. spans about 1.88 acres, or 81,886 square feet.
Prospective buyers are encouraged to make offers above $120 million, which is the beginning bidding point set by the initial stalking horse bid. According to Avision Young, the stalking horse bidder recently raised their deposit to $50 million.
According to Avision Young’s May 2022 “Surfside Land Marketing Report,” there’s been a little over 44,000 site views since August 2021.
The area has good potential for growth, as the projected annual population growth from 2021 to 2026 in Surfside is 0.71%.
The zoning designation is H120, which allows a developer to deliver beachfront units within a luxury-branded building, as recent sales prices on similar construction are in excess of $2,500 per square foot, the report says.
“We at Avison Young are honored to represent the court-appointed receiver for Champlain Towers South, Michael Goldberg, in the aftermath of the tragedy. We are providing our services on a pro-bono basis,” said the company in Avision Young’s surfside land offering memorandum.
“Our team is focused on running a transparent process that provides multiple options for the receiver and we will review all offers and options presented at the bid deadline. All offers must then be approved by the receiver and the court,” said Avision Young. “Respectfully, our primary goal will be to maximize value for the receiver’s estate in the final transaction. As we navigate this process, we will have greater clarity on what will be expected of the winning bidder in terms of timing, closing, concessions.”
The final sale of the property is subject to approval by Judge Hanzman.