Site Of Tragic Surfside Condo Tower Collapse Hits The Market

The site of a tragic condo collapse that killed 98 people in Surfside is officially for sale, hitting the market Monday.

The future owner of the former 12-story Champlain Towers South building, which fell June 24, will have the opportunity to build a new 12-story residential development with a maximum height of 120 feet at the site, according to the property's listing.

The sale of the property, which is located at 8777 Collins Ave., is being represented by Avison Young, a commercial real estate firm, on a pro-bono basis.

"We at Avison Young…are honored to represent the court-appointed receiver for Champlain Towers South, Michael Goldberg, in the aftermath of the tragedy," the company wrote the property listing.

The property's sale is being overseen by and must be approved by Judge Michael A. Hanzman with the Eleventh Judicial Circuit Court in Miami-Dade County, the listing said.

In July, Hanzman said the victims of the condo tower's collapse will receive at least $150 million in compensation. That amount includes about $50 million from insurance and at least $100 million in proceeds from the property's sale.

The site's sale will include a live bidding process, though no date has been provided yet, the Miami Herald reported. This live bid will take place in about 60 and 90 days.

A private bidder made a $120 million offer on the site in early August. If approved by Hanzman and Goldberg, this offer will set the minimum price during bidding, reports said.

The 1.88-acre property's listing from Avison Young called it an "oceanfront redevelopment site" with about 200 feet of direct beachfront access and positioning on Collins Avenue.