Dubai developer to buy Florida condo collapse site for $120M

SURFSIDE

A billionaire developer from Dubai is set to purchase the site of a South Florida condominium that collapsed last June, killing 98 people, for $120 million after no other bids were submitted by the Friday evening deadline for next week’s auction. Avison Young, the commercial real estate firm that was appointed to market the land as part of a class-action lawsuit, says no other buyers attempted to match the strong initial bid of Hussain Sajwani, of DAMAC Properties. Earlier this month, families of victims reached a $997 million settlement with those they hold responsible for the collapse of the 40-year-old, 12-story beachside building during the early hours last June 24.