For The Collapsed Champlain Towers Site, Bidder Has Offered Up To $120 Million

MIAMI — A private bidder is ready to pay up to $120 million for the oceanfront land where the Champlain Towers South building formerly stood in the Miami region.

The offer was made public at a hearing by Circuit Judge Michael Hanzman on Wednesday, who is reviewing the scores of cases filed since the apartment fell on June 24, killing 98 people. Officials are still attempting to figure out what caused the structure to fall down.

The judge gave permission for negotiations with the bidder, who was not named publicly. According to the Miami Herald, a real estate broker informed the judge he received a “letter of interest” from the bidder who offered $110 million for the property.

Michael Fay, who has been assigned to work on the real estate sale, stated, “They’re willing to go to $120 million.”

The judge replied, “That’s the finest news I’ve heard thus far today.” He then told Fay to go as rapidly as she could in order to get to a “quick auction procedure.”

Hanzman stated, “I want to pay these victims as quickly as possible.”

Some relatives had hoped that the government would buy the land and transform it into a park or monument to the victims, rather than residential or commercial development, to honor the deaths.

lgnews-Collapsed-ChamplainManny Kadre, a lawyer who serves as a liaison between the court and elected officials, told the Herald on Wednesday that this looks “very very improbable.”

He proposed that government should intervene to cancel mortgages, establish a victims compensation fund, or assist with the creation of a memorial on the site or nearby.

“Government monetization of property is a very improbable scenario,” Kadre told the publication.

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