Surfside’s Champlain Towers South property on the market
The Champlain Towers South property officially hit the market on Monday, after a private bidder offered $120 million for the site earlier this month.
Judge Michael Hanzman and the court-appointed receiver Michael Goldberg approved the marketing of the 8777 Collins Ave. property where the 12-story oceanfront condo building collapsed on June 24th. Avison Young will oversee the marketing and sale effort of the 1.88-acre site pro bono, according to a press release by the commercial real estate firm.
The brokers Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Berkley Bloodworth are working pro bono on sale efforts, which will include a live bidding process. A date for the live bidding has yet to be announced.
The live bid will happen in 60 to 90 days in either a courtroom or over Zoom, according to Fay. The official date will be announced in about two weeks.
The $120 million offer made in early August, if approved by Hanzman and Goldberg, will set the minimum expected bar for all bids, Fay said. Other bidders would then offer their price, terms and plans during the open bidding process.
Unlike an auction, Hanzman and Goldberg may opt with an offer falling short of the highest bid, depending on the terms offered by developers. Hanzman and Goldberg would select the bidder that day and finalize the contract either by December or early 2022.
Avison Young has contacted thousands of developers across South Florida, the country and the globe, according to Fay. He anticipates a minimum of six to a dozen offers.
“Outside of the tragedy that has happened and the loss of life, this is a unique site,” he said. “You don’t have a property of this size on the ocean in Miami Beach, Surfside or surrounding municipalities. We know that there are groups that are looking at all possibilities and options to build whether it’s condominiums, hotels or a combination thereof.”
A memorial near or adjacent to the site will commemorate the lives of the 98 victims of the collapse. The location of the memorial remains under discussion, but a Miami Beach park a short walk from the Champlain Towers South site is the most popular option thus far.
The developer would be able to build a minimum of 139 units in a 12-story building — the maximum height for Surfside. Only 68% of the site, or 1.27 acres, can be developed due to the buildable lot line set by the town.