The Real Deal is reporting that Dubai-based Damac Properties is the mystery bidder for the site where Champlain Towers South stood prior to the devastating building collapse in June. East Oceanside Development, a Delaware-based corporation with ties to Damac, signed a contract to pay $120 million for the oceanfront property, pending approval from a judge this week.
Other bidders, however, will be able to submit offers at the building’s auction, which reportedly will occur in early 2022.
The property that once stood at 8777 Collins Avenue collapsed in June, killing 97 people.
Damac bills itself as a luxury developer with projects throughout the United Arab Emirates.
According to the Real Deal, sales information on the property has been provided to more than 160 interested buyers. Damac is expected to make a $16 million deposit and it will have a 60-day due diligence period.