Cavalli Tower Proposed at Champlain Tower South Site

DAMAC Properties recently announced that it has officially received approval to purchase land in the Surfside neighborhood of Miami in a $120 million deal. This land is none other than the site where the Champlain Tower South deadly collapse occurred just last year. DAMAC Properties intends on building a luxury branded tower on the site, Cavalli.

The site itself is located at 8777 Collins Ave Surfside featuring 1.8 acres and was sold to DAMAC through a court process and without any other competing bids on the property.

Prior to DAMAC taking an interest in the site, it was listed for $95.6 million. Sajwani offered the $120 million with the stipulation that he would obtain possession by the spring of 2022. One of the other stipulations was that Sajwani had to pay a $16 million deposit to make the contract valid.

Hussain Sajwani, Founder and Chairman of DAMAC Properties stated, "DAMAC Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our Company, which has an established reputation for its branded luxury offerings."

While this is Sajwani's first United States development, he has an extensive portfolio with establishments of his company in global cities like Dubai, Abu Dhabi, Amman, Baghdad, and London. Sajwani has heavily invested in luxury fashion, real estate, hospitality, and manufacturing.

According to Sajwani, "Our global expansion into the United States marks a major milestone and demonstrates that DAMAC is a force to be reckoned with. This is an exciting time, and we have a lot in store."

Surfside has been a hub for ultra-luxury condominium constructions in recent years, including the Four Seasons Private Residences, Fendi Chateau Residences, and Arte Surfside towers.