By Dan DugganCNNMoney staff WriterJune 29, 2019 12:04:52A new condo at the center of the Panama Beach mansion firestorm will be completed in just three months.

That $3,000-plus-per-square-foot purchase was made by the owners of the Palms resort, and will make them the second-highest-paid resident at the complex.

The owners of The Palms, who are based in New York, have not yet commented on their plans.

The property is the first to be demolished since the fire.

The $3 million purchase price includes $1 million for the new home and $600,000 to upgrade the current two-bedroom condo.

The resort’s website says the renovations will cost $1.4 million, but there’s no word yet on how much the renovations are expected to cost.

The new condo, which was built in the late 1970s, was listed for $1,400 per square foot.

That’s about $500 less than the current condo’s current asking price of $1 and $700 less than its asking price at the time of its purchase.

The condo’s new owners, who purchased it in July, have yet to confirm plans.