The condominium laws Florida passed in the wake of the Surfside tragedy could drive redevelopment opportunities throughout the state — and particularly in coastal communities where aging properties occupy valuable waterfront land.
The catalyst for the new mandates was the June 2021 collapse of the 12-story Champlain Towers South condominium in Surfside that killed 98 people. “The commercial world is built around the capital maintenance of an asset,” Main-Baillie told the Tampa Bay Business Journal, “and the state is trying to bring that same level of benchmark into the multifamily residential game.”
But aging condos, which are more likely to be owned and occupied by less-affluent residents, could struggle to come up with the special assessment fees necessary to pay for the mandated repairs.
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