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 | Jun 3, 2019
Haskell invests in BLOX, creator of modular-based delivery method
‘Represents important part of Haskell’s future strategy,’ says CEO.
Codes and Standards | Jun 3, 2019
Florida may eliminate certificate of need requirement for new hospitals
Bill could boost specialized facilities.
Codes and Standards | May 31, 2019
RELi 2.0 standard for sustainability, resilience being piloted
Will be open to LEED-registered or -certified projects, with introductory pricing and support.
Codes and Standards | May 31, 2019
Pankow Foundation releases report, tools for embodied carbon impacts
Focus is on MEP and tenant improvements.
Codes and Standards | May 24, 2019
USGBC receives funding for LEED for Cities and Communities Program
Bank of America provides $500,000 grant to certify 15 U.S. cities.
Codes and Standards | May 24, 2019
AIA updates Interiors Contract Documents
Six revised documents available for interior construction projects.
Codes and Standards | May 23, 2019
Northern California casino offers a template for resilient microgrids
Solar power with batteries and backup generators provide weeks of self-reliance.
Codes and Standards | May 23, 2019
Austin creates innovative plan to boost affordable housing
Approach includes loosened zoning, incentives for higher density in lower-cost and mixed-income developments.
Codes and Standards | May 20, 2019
Effort launched to develop better process for zero-carbon retrofits in multifamily sector
Rocky Mountain Institute, Dept. of Energy, California Energy Commission join forces.
Codes and Standards | May 20, 2019
Property lenders shouldn’t invest for 30 years in most of Florida, expert warns
Climate ignorance driving some ‘insane’ deals.
