In 2021, the collapse of the Champlain Towers South condo in Surfside, Fla., killed 98 people. Today, the luxury real estate company that is redeveloping the site has yet to sell a single unit inside its planned project, according to The Real Deal.

Damac Properties, a Dubai-based developer, paid $120 million for the 1.8-acre property in 2022 — about one year after the former structure tragically collapsed. The company completed the purchase as the sole bidder in a court-ordered auction of the property, with proceeds going towards the former unit owners, including families of the victims. However, the sale and redevelopment became controversial as many pushed for a memorial on the site to honor those lost in the incident, The Real Deal reports. Despite the pushback, Damac unveiled a 12-story, “ultra-luxury boutique oceanfront condominium” called the Delmore in January 2025, per a press release. Today, the property's website boasts “37 mansions in the sky inspired by the internationally acclaimed Zaha Hadid Architects.” But according to a senior vice president of development at Damac, no contracts have been signed at the project. “The initial soft launch we did in January 2025 was premature,” Jeffrey Rossely tells The Real Deal. “We discussed that with the sales team. We thought we would have the sales gallery finished in February [2025]. We also thought the market would pick up after the inauguration of the President.”

An aerial view shows search and rescue personnel working on site after the partial collapse of the Champlain Towers South on June 24, 2021.

 

The units start at $15 million, but the average falls between $35 and $40 million, with penthouses that could exceed $150 million, Rossely said.

 

The executive said they have been close to completing several deals, but all have fallen through. One attempt included contracts with a buyer for more than $200 million worth of units, but Damac questioned “the source of funding” and decided not to follow through.

Rossely also cites Damac's lack of developments in the U.S. as another factor. In the past, the company has primarily built in countries like the United Arab Emirates, Saudi Arabia, Iraq and the U.K.

“There's a degree of reasonable skepticism so we needed to prove this was going to happen,” Rossely said.

Sources reportedly tell The Real Deal Damac is considering a joint venture with another developer on the Delmore.

“A number of parties have approached us, and we are having discussions to see whether we go down that route but under no circumstances would we be leaving the project,” Rossely said.

PEOPLE has reached out to representatives for the Delmore, but they did not immediately offer comment.

In September, federal investigators with the National Institute of Standards and Technology said in a statement the partial collapse of the previous tower likely began from the pool deck, which started collapsing before the rest of the building.