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
| Jan 4, 2013
Tilt-Up Concrete Association releases new temporary wind bracing guidelines
The Tilt-Up Concrete Association has released revised guidelines on Temporary Wind Bracing of Tilt-Up Concrete Panels During Construction.
| Jan 4, 2013
San Diego office tower to be America's biggest net-zero building
The 13-floor, 415,000 sf La Jolla Commons II office tower in San Diego will be the largest building in the U.S. built to the net-zero standard upon completion in 2014, according to real estate firm Hines.
| Jan 4, 2013
Manchester, England building achieves highest BREEAM rating in U.K.
One Angel Square in Manchester, England, is the highest scoring outstanding building for the Building Research Establishment Environmental Assessment Method (BREEAM) in the U.K.
| Dec 27, 2012
Pentagon eases leasing standards established in 9/11 aftermath
The Pentagon has eliminated the stringent real estate leasing standards it put into place following the Sept. 11, 2001, terrorist attacks, reverting back to a version widely used by federal civilian agencies.
| Dec 27, 2012
Google provides USGBC with $3 million grant to transform building materials industry and indoor health
Google has contributed a $3 million grant to the U.S. Green Building Council (USGBC) to help transform the building materials industry and accelerate the creation of healthier indoor environments.
| Dec 27, 2012
Former industrial French city reshapes itself according to ambitious green standards
Nantes has a strong commitment to address challenges such as urban sprawl and carbon dioxide emissions.
| Dec 27, 2012
New York City law tracking building energy use yields surprises
A legally mandated report that tracks the energy use of New York City's largest buildings provides details about which buildings are achieving higher-than-expected energy efficiency, such as the Chrysler and Empire State buildings, as well as those that are performing poorly.
| Dec 27, 2012
New Jersey considers green roof mandate for state buildings
The New Jersey legislature is considering a bill that would require installation of green or blue roofs on state buildings that are at least 15,000 sf.
| Dec 20, 2012
AIA’s Healthier Communities Through Design showcases local policy initiatives
The American Institute of Architects released Local Leaders: Healthier Communities Through Design, a report that demonstrates the power of architecture to improve public health with policies that promote active living, accessibility, transit options, and better indoor air quality.
