Surfside bidder gets extension for due diligence, pushing auction to April

by Eytan Benzeno

condo collapse

As per The Real Deal,

A delay with invasive testing and disagreements over cost-splitting led to an extension for the Dubai developer’s due diligence in its bid for the Surfside collapse site, likely pushing the auction to April.

Court-ordered mediation in ongoing litigation will also occur sooner than expected, the judge decided at a hearing on Friday.

Damac Properties entered its 60-day due diligence period at the beginning of December. The company is the stalking horse bidder for the oceanfront property at 8777 Collins Avenue, the former site of Champlain Towers South, which collapsed last summer, killing 98 people.

Michael Goldberg, the receiver for the Champlain condo association, said during Friday’s hearing that the extension is needed because Damac has not been able to perform necessary invasive environmental and geotechnical testing at the site, though the company has been able to complete land surveys and non-invasive testing. The due diligence period will now end in mid-March.

Geosyntec Consultants of Boca Raton was tapped to perform the testing.

Miami-Dade Circuit Court Judge Michael Hanzman approved the motion but said he will “not look favorably” on any further extensions. It comes less than two weeks after Hanzman agreed to move the trial start date tied to litigation to March 2023.