A billionaire real estate developer from the MIddle East is bidding $120 million for the two-acre oceanfront site where a Florida condo collapsed in the middle of the night in June, killing 98 people.
East Oceanside Development, owned by Dubai-based DAMAC Properties, a publicly traded company in the United Arab Emirates founded by wealthy businessman Hussain Sajwani, has agreed to bid $120 million for the Surfside property, The Miami Herald reported, citing a court document filed Friday.
A luxury high-rise condo is expected to eventually go up at the site.
The developer’s bid is considered a “stalking horse,” which sets a minimum price for the property.
The Real Deal reported other companies will be able to submit offers at an auction expected to occur in late February or March. Court papers show information about the site was given to more than 160 interested buyers, and the real estate agents handling the property continue to market it.