A Florida law intended to prevent tragedies like the Surfside condominium collapse will place a huge financial burden on condo associations and strain architecture and engineering resources in the state.
The law requires that by the end of 2024 condominiums that are at least three stories tall and within 3 miles of the coast be inspected by a licensed engineer or architect when they are 25 years old and buildings more than 3 miles inland at 30 years old. The law will be financially burdensome for many associations, especially older ones.
Condo associations had been allowed to waive reserve funds for maintenance, but will now be required to have enough money in their reserves by 2025 to fund all repairs needed to maintain their buildings’ structural integrity. This work could easily run into the hundreds of thousands of dollars.
What’s more, thousands of condos will need to have inspections over a short period. It will be difficult, if not impossible, for architects and engineers to get to all that work done within the prescribed deadline.
The law applies to 1.5 million condos operated by nearly 28,000 associations. Some older properties in the most desirable coastal areas are expected to be targets for developers because owners will not be able to absorb the cost of capital assessments to make extensive repairs. Developers would demolish old properties and build new luxury properties on site.
Related Stories
Codes and Standards | May 30, 2017
OSHA suspends electronic injury, illness reporting requirement
The agency is keeping records from being publicly disclosed—for now.
Codes and Standards | May 30, 2017
Florida preparing to adjust to new building elevation requirements
New floodplain maps and state code changes loom.
Codes and Standards | May 30, 2017
Heated debate over whether Calif.’s prevailing wage requirement stymies affordable housing
There’s disagreement around how much pay regulations add to cost of projects.
Codes and Standards | May 25, 2017
Technology is influencing parking requirement codes in new developments
Uber and Lyft make it easier for urban dwellers to live without owning cars.
Codes and Standards | May 25, 2017
Better Buildings Challenge Partners on track to reduce energy usage by 20% in 10 years
More than 1,000 proven solutions are now available on DOE web site.
Codes and Standards | May 22, 2017
Affordable housing initiative drives surge in residential unit permits in New York City
New permits tripled from year-ago period.
Codes and Standards | May 22, 2017
Amid labor shortage, industry groups urge government action to boost trades
AGC says a shortage of qualified workers is limiting the economy from adding more jobs.
Codes and Standards | May 19, 2017
Spate of sinkhole incidents points to neglected infrastructure investment
Suddenly appearing caverns cause deaths, evacuations, interruption of utility services.
Codes and Standards | May 18, 2017
AIA releases updated edition of its A201 flagship documents
These core documents are updated once a decade.
Codes and Standards | May 16, 2017
Trump’s proposed corporate tax rate changes said to stifle funding for affordable housing
Banks reluctant to commit to specific deals with tax credit status uncertain.