SURFSIDE, Fla. (VINnews) — Five years after the collapse of the Champlain Towers South killed 98 people, a planned luxury condominium on the site has yet to secure a single buyer, according to a company executive and a report by The Real Deal.

Damac Properties purchased the oceanfront property in Surfside for $120 million in a court-ordered auction, with proceeds distributed to former unit owners and victims’ families.

The developer later unveiled plans for The Delmore, a 12-story project described as an ultra-luxury boutique condominium featuring 37 residences. Units are expected to start at $15 million, with average prices ranging from $35 million to $40 million.

A senior development executive told The Real Deal that no contracts have been finalized. The company had anticipated stronger demand following its initial launch but acknowledged the timing and market conditions did not meet expectations.

The redevelopment has drawn scrutiny, with some community members and families of victims advocating for a memorial at the site.

The executive also cited buyer hesitation tied to the company’s limited track record in the United States and broader market uncertainty. At least one potential deal involving more than $200 million in units fell through over concerns about the source of funds, according to The Real Deal.

The company said it is exploring potential partnerships with other developers but intends to move forward with the project.

Federal investigators have said the 2021 collapse likely began with a failure in the building’s pool deck structure before the rest of the tower gave way.