The site of the Surfside condo collapse that killed 98 people last year will be sold to a Dubai developer for $120 million, according to The Miami Herald.
Hussain Sajwani, of DAMAC Properties, was the only bidder for the parcel before a Friday deadline, according to the outlet.
The 1.8 acre piece of land was once home to the 12-story Champlain Towers South building that crumbled last June and claimed nearly 100 lives.
According to The Herald, DAMAC has previously indicated that it plans to build a luxury residential building on the plot.
Proceeds from the sale will go toward compensation for relatives of collapse victims and those who owned apartments in the building.
Those parties agreed to a $997 million settlement with insurers last week, according to The Wall Street Journal.
“While nothing can take away the pain or suffering, we are happy that we are moving forward with this successful purchase to help bring closure for everyone,” Michael Fay, of Avison Young, told The Herald.