People who owned units in a Florida oceanfront condominium building that collapsed last year will divide $83 million for property losses, with the compensation for families over the 98 deaths still to be determined
March 30, 2022 at 6:06 pm EDTThe money for owners of the 136-unit Champlain Towers South building will come from sale of the now-vacant beachfront land as well as insurance policies, officials said. Unless they opt out, the owners who take the deal will relinquish their rights to sue individually but also could avoid an assessment because of the loss.
Champlain Towers South, a 12-story condo in Surfside, Florida collapsed without warning early on June 24. The settlement is part of a lawsuit arguing work on an adjacent luxury condo building, known as Eighty Seven Park,already in dire need of major structural repair. The defendants associated with Eighty Seven Park deny any negligence or wrongdoing.
Under the agreement Wednesday, each unit owner will be paid a share based on their ownership portion of a condominium unit and for personal items that were lost. It does not does not include money for wrongful death claims arising from the 98 fatalities, which will be settled later after input from court-appointed experts.Some family members of those died questioned why the property owners get the first chunk of guaranteed money.
Yet Alfredo Lopez, who survived the collapse with his family, said the settlement does not begin to compensate owners for the true value of their former units.The Surfside site where the building once stood will be put up for auction in the coming weeks, attorneys said. One offer for about $120 million has been on the table for months, but there may be others as the auction approaches.
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