Judge OKs $83M For Property Loss In Florida Condo Collapse

People who owned units in a Florida oceanfront condominium building that collapsed last year will divide $83 million for property losses, with the compensation for families over the 98 deaths still to be determined, a judge ruled Wednesday.

The money for owners of the 136-unit Champlain Towers South building will come from sale of the now-vacant beachfront land as well as insurance policies, officials said.

Unless they opt out, the owners who take the deal will relinquish their rights to sue individually but also could avoid an assessment because of the loss.

‘It gives them certainty. These people need certainty and they need to carry on,’ Miami-Dade Circuit Judge Michael Hanzman said before approving the deal at a hearing. ‘Maybe it’s not 100% of value, but it’s pretty close. I think it’s an outstanding result.’