A spokesperson with Damac confirmed to the Independent that the break in construction “was directly related to finalizing the project’s insurance program, a standard and necessary step at this stage of a development of this scale and complexity, and one that had to be resolved prior to commencing the next phase.”
The spokesperson told the outlet that this process has been completed and the condo tower, which has seen a $40 million investment in its construction so far, is expected to be completed in 2029.
They also told the Independent that though no units have sold, there’s been “substantial interest” in the property and “a number of offers have been made,” but the developers are holding out for higher pricing.
Damac is also planning to give $1.5 million toward the infrastructure and framework for a future memorial at the site, reports said.
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