SerpApi.Org
Surfside, Florida may only comprise a single square mile north of Miami Beach, but the town’s reputation for its walkability and pristine white beaches has attracted an affluent community.
So when the “ultra-luxury condo” project The Delmore was announced in 2025, featuring sprawling 7,000 square foot residences and high-end amenities, one might have expected major demand (1).
Must Read
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
Vanguard’s outlook on U.S. stocks is raising alarm bells for retirees. Here’s why and how to protect yourself
Instead, the developer hasn’t yet sold a unit, construction has stalled and questions remain about whether building an ultra-luxury residence on the site of the deadly 2021 Champlain Towers South collapse was a mistake (2).
“Any development on this site will always carry a weight that goes beyond bricks and mortar,” Surfside Mayor Shlomo Danzinger told Moneywise. “It is hallowed ground for the families who lost loved ones and for our entire community.”
Joelle Oiknine, a Miami real estate agent who sold a listing in the Champlain Towers South right before the collapse, told Moneywise that she believes the developer overlooked the “profound historical significance” of the site.
“Nearly everyone (in the community) knows someone who was killed in the Champlain Towers collapse and we all participated in the aftermath through search, rescue and volunteering efforts,” she added, noting that a “thoughtful, beautiful“ memorial could have helped with “acknowledging the weight of this location and showing respect for the community.”
When a community’s desire to remember meets a developer’s desire to build
A spokesperson for the developer told Moneywise that “the court-mandated sale ordered that no memorial component be included on the property itself” in order to preserve its market value, and that the Delmore’s development team “has been an active, engaged, and good-faith participant in the memorial process since the moment the site was acquired” — including committing $1.5 million toward infrastructure for a memorial near the site.
That memorial, on 88th street, is also one that Mayor Danziner noted is a town priority, “so that our residents, family members and survivors have a permanent place to reflect and remember.”
Still, the scars within the community following the condo tower tragedy run deep.
The Champlain Towers South building collapsed in the early morning of June 24, 2021, killing 98 people. A National Institute of Standards and Technology report found the collapse likely began in the pool deck before progressing to the rest of the structure (3).
In 2022, the Dubai-based luxury real estate firm Damac International’s $120 million offer proved to be the only bid on the property, which it won for its $1.6 billion development (4).
The Delmore, which Damac announced last year, will boast 37 mansions over 12 floors (1), as well as a “flow-through canyon with sky views” and a “lush, oceanside meditation garden.”
But according to the Wall Street Journal, the inability to finalize plans for an on-site memorial to the Champlain Towers South victims — along with an attitude, as one former town representative put it, of “‘we’re here, we’re going to get what we want, we’re going to do what we want’” — drove a wedge between the developer and the community (4).
Damac’s spokesperson disagreed, telling Moneywise that a “record exists in writing” of correspondence and meetings over 18 months in which the company “engaged consistently and in good faith” and “proposed an easement that was declined.”
Read More: 7 top habits of 'quietly wealthy' Americans. How many do you follow?
Danzinger added that Damac “reworked their designs to accommodate concerns raised by the families, demonstrating a genuine willingness to listen” and his belief that “they would remain open and amenable to continued dialogue.” The spokesperson agreed.
Construction on the development halted in February (5), though Damac’s rep said that it “continues to move forward” with the finalization of various requirements related to insurance, a master building permit and hiring a partner to manage operations and local sales and marketing. While nothing has been finalized, they say the project’s completion “remains on track for 2029.”
The larger challenge remains, however, that Damac hasn’t sold any units in the building more than a year after announcing the development.
Why no one is buying what Damac is selling
While it’s unclear if the past tragedy on the site has played any factor in the lack of Delmore units sold, Oiknine believes pricing has been a major obstacle.
Units were listed between roughly $15 million and $150 million (6) — averaging around $40 million — while the average asking price for luxury condos in Surfside as of the second quarter of 2026 is just over $9 million (7).
“While an ultra-luxury price point is not unheard of in this market, those figures are typically reserved for beautiful condos and penthouses with expansive, panoramic views,” Oiknine said. “The entry-level units at The Delmore offered inferior views yet were still priced at a premium.”
Oiknine added her belief that Damac “did not have a strong grasp of this market” and may have been better off partnering with a local developer “who understood the community, the location’s significance and what buyers in this market are truly looking for, as they are now looking to do.”
Damac’s spokesperson, however, argues that The Delmore “operates in a different tier” than other area developments given their price points and being an oceanfront development with limited residences. The value of these units, the spokesperson says, “is determined by far more than a single view corridor.”
Damac also contends that “having no sales does not equate to no interest,” telling Moneywise that “we have received offers and rejected them, as buyers at the onset of a development of this magnitude expect a price discount we were unwilling to provide.”
The developer also disagrees that its team “lacks market understanding” and, in responding to reports that it may partner with a local developer (6), noted, “we recognize the value of local perspective and on-the-ground relationships,” characterizing them as “complementary” to their own vision and expertise.
Damac added that the weight of the Champlain Towers South collapse “is not lost on us” and that it remains committed to “delivering a project of exceptional quality — one that contributes positively to Surfside while remaining mindful of the significance of this site.”
“No matter what is ultimately built there, the memory of those we lost must be permanently and respectfully honored,” Danzinger said. “Beyond that, we hope to see a development that is thoughtful, that contributes positively to the fabric of our community, and that the families can one day look at and feel that their loved ones were not forgotten.”
You May Also Like
The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes
'Gold still crashing!': Robert Kiyosaki admits he was wrong — but doubles down on his $35K prediction
Millionaires under 43 hold only 25% of their wealth in stocks. Here’s where their money is actually going
I'm 49 years old and have nothing saved for retirement. What do I do? Don't panic. Here are 7 ways to catch up fast
Enjoyed this Moneywise story? Click Follow above for more. To get our best content and exclusive interviews first, join 250,000+ readers who subscribe to our weekly newsletter.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
PR Newswire (1); NPR (2); Nist (3); Wall Street Journal (4); Independent (5); The Real Deal (6); Miami Residence (7).
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
