TODDS WEEKLY LETTER ...................
| Sat, Apr 18, 3:13 PM (1 day ago) | |||
| ||||
Todd Puntolillo
Listen real estate fucks .....developrs architects .......all people involved in the building of this shit and completion...... etc...... etc....... etc !!!!!.....are all soul less bastards....... servile fucks ......its a fucking grave yard,,,,,,, and it is cursed ....but ....... they do not care .......... about how many people died ........ because of stupidity....... and neglect.......and of course money the root of all property fuckers evil .....they do nto care as longa s sq feet per fucking dollar ....i have never ever met a real estate person who gives a fuck about about anything...... other than cash ........ they do not care a fuck about humans ......they lie to sell anything....... its a fucking fact jack !!!!!!!......architects ........ don't care they will build on a fucking shit pile ......as longas they get their ideas out there .....i would not live there ....... after that happened...... look at the WTC place fucking disgusting........ it should have been left a memorial garden ....... but...... it.s pricy reaL estate ........ who in their right mind would pay 15-30 million for a condo you fucking dumb bastards .......and .......you only rent the space inside it ....... belongs to the building ......you fuckwits ........ you never really own a condo ......... you buy the stupid space inside....... the whole fucking place ....it's cursed cause now they cannot sell ....... not one single condo if i ahd 15-30 i would buy someplace more than a shit hole that collapsed and kill lots ....it will have that stigma attached always ........ going to be a tough sell ....... no matter how good a real estate cunt you think you are ......all the lies and the plush fixtures its still a fucking grave yard .......you cant get rid of history .......fact ..........
A glittering new oceanfront tower promising 'mansions in the sky' and billionaire-level amenities had hoped to attract the super wealthy, but more than a year after homes were touted for sale not a single unit has been sold on one of Miami's most notorious plots of land.
The Delmore, a 12-story ultra-luxury condominium planned for the former site of Champlain Towers South in Surfside, where 98 people died in a building collapse, is being marketed as the pinnacle of modern coastal living.
With 37 sprawling residences, private elevators, a sky pool suspended more than 100ft in the air, and interiors designed by the famed Zaha Hadid Architects, the development appears tailor-made for the global elite.
Prices start at $15 million, with typical units ranging between $35 million and $40 million and penthouses expected to exceed $150 million.
Yet, more than a year after its initial soft launch, developers have failed to secure a single signed contract.
The project's developer, Damac Properties, insisted interest is there, but admits multiple deals have fallen through.
Executives have also pointed to broader issues, including skepticism toward the company's lack of track record in the US market and a misjudged launch timeline that failed to align with buyer demand.
The firm launched sales in early 2025, but senior vice president of development Jeffrey Rossely admitted the rollout was rushed and poorly timed.
A Dubai developer has failed to sell a single unit at The Delmore, a luxury condo tower planned for the site of the deadly 2021 Surfside collapse. A rendering of what it will look like when it is due to open in 2028
Developers admit multiple deals have fallen through and the 2025 launch was rushed despite its ultra-wealthy target market and high-profile design
The development will feature 37 expansive residences, private elevators, a sky pool suspended more than 100 feet in the air and interiors by Zaha Hadid Architects. A pool rendering is pictured
'The initial soft launch we did in January 2025 was premature,' Rossely told The Real Deal, adding the company had expected stronger demand.
The purchase came through a court-ordered auction, with proceeds distributed to former unit owners and victims' families.
But the redevelopment has remained deeply controversial, with some families and locals arguing the land should have been preserved as a memorial rather than transformed into ultra-luxury housing.
That stigma appears to be weighing heavily on the project, with many local developers and brokerages reportedly steering clear of the site.
Despite the slow start, Rossely said the company has come close to securing deals. One potential transaction involving more than $200 million worth of units ultimately collapsed due to what he described as 'question marks over the source of the funding.'
Damac is now exploring a potential joint venture with another developer to revive momentum.
'A number of parties have approached us, and we are having discussions,' Rossely said, while insisting the company has no plans to walk away from the project which is due to be completed in 2028.
An aerial view of the condo collapse taken a few days after it happened in 2021
The devastation left behind by the collapse that killed 98 people. Investigators are still working to determine exactly what happened
The developer is also resubmitting its master building permit and working to secure insurance and a general contractor, with plans to relaunch sales later this year.
Rossely acknowledged that Damac's limited track record in the US luxury condo market has contributed to buyer hesitation.
'There's a degree of reasonable skepticism,' he said.
Founder of Damac Hussain Sajwani, whose net worth exceeds $15 billion, has built much of his portfolio in the Middle East and London and has at times been dubbed the 'Donald Trump of Dubai' for his property portfolio.
The Delmore is being built on the exact location where 98 people were killed when Champlain Towers South collapsed in the early hours of June 24, 2021 - one of the deadliest structural failures in US history.
For many, that legacy has turned the development into what one real estate agent bluntly described as untouchable.
Nick Green, a Compass agent working across Miami and New York, said local buyers are steering clear.
'Foreign buyers still see it as a good investment. But locals? They won't touch it. They think it's going to be full of ghosts,' he said.
Martin Langesfeld, who lost his sister and brother-in-law in the collapse, says families have been 'ignored and shut out' of memorial planning
Martin's sister, Nicky Langesfeld, 26, and her husband, Luis Sadovnic, 28, were living on the eighth floor and died in the collapse
The emotional weight of the site has been compounded by outrage from victims' families, who say they have been excluded from redevelopment plans and sidelined in efforts to create a meaningful memorial.
Martin Langesfeld, who lost his sister Nicole and her husband in the collapse, described the land as 'sacred' and accused developers of showing a 'total lack of respect.'
Families had pushed for a tribute to be incorporated into the site itself, but the current plan places a memorial one block away - a decision that has only fueled anger.
'We tried countless times and they do not want to work together on finding a way to respect the 98 who died,' Langesfeld told the Daily Mail.
'The 88th Street memorial, which is the street right next to the collapsed site is set to break ground soon.
'Everyone who lives in the new building will forever be reminded of what happened on the land they are sleeping on,' Langesfeld said.
Adding to concerns is the fact that the collapse investigation remains ongoing.
Federal officials with the National Institute of Standards and Technology (NIST) have identified the building's pool deck as the likely origin point of the disaster, citing severe structural weaknesses in concrete slabs and support columns.
People look at the partially collapsed Champlain Towers South Condo in Surfside, Florida, in this June 24, 2021, file photo
Investigators believe the deck may have 'punched through' beneath the structure, triggering a catastrophic chain reaction that led to the tower's collapse.
However, key questions remain unanswered, and a final report is not expected until late 2026.
Langesfeld said the prolonged timeline has only deepened frustration among victims' families, claiming investigators have repeatedly requested extensions.
'Every year it's delayed, they get additional funds, if I'm not mistaken. Yet with an open investigation, they allowed a new development to break ground without knowing the cause or whether the land is safe for development,' he said.
He also alleged that independent efforts to investigate the collapse have been blocked.
'NIST does not allow privately funded investigators to conduct their own investigations. The town of Surfside hired a private investigator and spent millions, but NIST did not allow him to touch anything,' Langesfeld said.
Green said the fallout from the Surfside tragedy has triggered stricter safety laws, soaring insurance costs and a wave of owners trying to offload units in older buildings.
'The current state of the condo market in Miami - it's completely crashed,' he said, noting that some properties have lost up to 20 percent of their value in just two years.
Daily Mail has reached out to DAMAC Properties for further comment.
TODDS WEEKLY LETTER ................... Todd Puntolillo Sat, Apr 18, 3:13 PM (1 day ago) to Todd , bcc: me This surprised ...
