The initial settlement will include insurance and proceeds from the sale of the land.
Families and victims of the Champlain Towers South building collapse have been cleared to receive at least $150 million from the land and building insurance. The 12-story condo building in Surfside, Florida, collapsed in the early morning hours of June 24, killing at least 97 people.
The land has now been cleared, leaving a hole in the skyline off Collins Ave. In a court hearing on July 14, Miami-Dade Circuit Court Judge Michael Hanzman said the victims will be entitled to receive at least $50 million from insurance proceeds and another $100 million from the sale of the land. This number does not include funds that could be recovered from several class-action lawsuits that have also been filed.
Key pieces of the building are been stored in a warehouse to be used in the investigation. The condo association was in the process of completing 40-year recertification when the collapse occurred. A list of repairs had been in consideration for a few years, but condo owners had trouble agreeing on how to pay for them.
Judge Hanzman has put the case on a fast track to insure victims of the collapse can receive money as soon as possible. He also wanted to make sure renters and anyone visiting the condos at the time was included in the settlement.
“The court’s concern has always been the victims here,” the judge said, adding that the group includes visitors and renters, not just condo owners. “Their rights will be protected.”
Most of the survivors from buildings 136 units have been left homeless and are waiting to get money from the settlement to find a new home and rebuild their lives. Condo owners typically pay monthly fees for a blanket insurance policy that covers the building and common areas. It is also common for owners to have a smaller personal policy that covers the contents of their individual units. A timeline for the sale of the land has not been released.
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