At Surfside Collapse Site, Big-Name Planned Project Hasn’t Sold A Single Condo

At the site of the tragic Surfside condo collapse, a high-profile redevelopment project has yet to secure any buyers.

Damac Properties, the Dubai-based developer that purchased the property, has not sold a single unit at its planned luxury condo building, known as Delmore Surfside condo project. Sales for the 12-story, 37-unit oceanfront development began in early 2025.

The project is being built on the former location of Champlain Towers South at 8777 Collins Avenue, where 98 people lost their lives in the 2021 disaster.

According to Jeffrey Rossely, a senior executive at Damac, no contracts have been finalized. He attributed the slow start in part to a premature launch and delays in completing the sales gallery. The company had anticipated stronger market conditions following the 2025 presidential inauguration, which did not materialize as expected.

Damac acquired the 1.8-acre property for $120 million in 2022 through a court-ordered auction, with proceeds directed to former unit owners and victims’ families. The redevelopment has remained controversial, as some community members had hoped the site would instead become a memorial. The stigma surrounding the tragedy also discouraged many local developers and brokerages from getting involved.

The building is being designed by Zaha Hadid Architects, with sales and marketing led by Douglas Elliman. Units are priced starting at $15 million, with average prices between $35 million and $40 million. Penthouse units could exceed $150 million.

Although Damac has come close to closing deals—including one involving more than $200 million worth of units—concerns over the source of funds caused at least one major transaction to fall through.

The developer also faces skepticism due to its limited experience in the U.S. ultra-luxury condo market, despite a large portfolio of projects in the Middle East and London.

Now, Damac is exploring a potential joint venture with another developer while continuing to move the project forward. The company is working on permit approvals, insurance, and securing a general contractor, with plans to relaunch sales later this year.

Source: The Real Deal