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 | Jan 27, 2017
Calif. legislator proposes statewide solar mandate for new buildings
It would be the first such requirement in the U.S.
Codes and Standards | Jan 25, 2017
Standard baseline for measuring building efficiency needed
EUI could push sustainability through market-driven approach.
Codes and Standards | Jan 23, 2017
Workers, local officials rally for new construction safety law in New York City
The new law would require those who work on 10-story-plus buildings to go through an apprenticeship program.
Codes and Standards | Jan 23, 2017
Prominent Atlanta construction executive faces charges in $1 million bribery scheme
The company has worked on some major projects, including Hartsfield Airport.
Codes and Standards | Jan 20, 2017
New resource lists green incentives by state
USGBC's new Public Policy Library includes tax and energy benchmarking policies.
Codes and Standards | Jan 18, 2017
How green leases benefit owners and tenants
Agreements to spur efficiency upgrades are slowly gaining popularity.
Codes and Standards | Jan 17, 2017
Intl. Code Council looks into code changes for cross-laminated timber structures
Most codes limit CLT structures’ height.
Codes and Standards | Jan 16, 2017
Building codes for existing buildings evaluated in new white paper
The paper examines implementation, enforcement challenges, and changes needed in new code editions.
Codes and Standards | Jan 13, 2017
New BIM guide for owners released
National Institute of Building Sciences releases a manual for developing standard set of BIM documents.
Codes and Standards | Jan 11, 2017
OSHA prompts more proactive approach to construction site safety
Remote operated camera systems are being used to mitigate risk in real time.
