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
| Sep 14, 2012
Worker killed in Brooklyn building collapse; overloaded floor decking blamed
One worker was killed after he and others plunged 40 feet through an unfinished upscale Brooklyn townhouse building.
| Sep 14, 2012
NRCA University offers photovoltaic class
NRCA University will offer a class called “Photovoltaic Roof Systems: Energizing Your Business” Oct. 16 in Philadelphia.
| Sep 14, 2012
Costa Rica’s strict building codes prevent major damage in powerful quake
The relatively little damage from a 7.6 earthquake was due in large part to strict building codes in Costa Rica, a country that has long enjoyed more stability, better governance, and stronger economic development than many of its Central American neighbors.
| Sep 14, 2012
Building codes should require continuous connection from roof to foundation, says IBHS chief
“One of the most effective ways to greatly increase a building’s strength and safety during hurricanes, tornadoes and straight-line windstorms is to be sure the building is tied together properly,” says Julie Rochman, president and CEO of the Insurance Institute for Business & Home Safety (IBHS).
| Sep 7, 2012
Related Companies and unions agree to wage-cutting deal on Hudson Yards
The Related Companies has won wage-cutting agreements with four dozen construction unions in its efforts to save money on the $15 billion development of Hudson Yards.
| Sep 7, 2012
Lorain, Ohio considers halting downtown construction while it works out development plan
Construction would stop downtown for six months while Lorain, Ohio officials consider a development plan for the city, according to new legislation.
| Sep 7, 2012
Business, labor groups push for easing of California’s Environmental Quality Act
Business and labor groups have combined forces to push for a change to California's Environmental Quality Act, specifically its complex review process for building and construction projects.
| Sep 7, 2012
Twenty years later, Florida contractors cite Hurricane Andrew as construction game-changer
Remarking on the 20th anniversary of Hurricane Andrew, which devastated south Florida; contractors are noting the storm’s impact on their industry—including the state’s adoption of tougher building codes.
| Sep 7, 2012
At risk for nine types of natural disasters, Texas trails most coastal states on building codes
Texas has the most diverse weather risk in the country, with exposure to nine different types of natural disasters.
| Aug 30, 2012
OSHA plans new crane-safety standards for demolition and underground work
The new rule will streamline OSHA’s standards by eliminating the separate cranes and derricks standard currently used for underground and demolition work.
