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🏙️ The time to start planning is now: Florida Senate Bill 4D.

🏙️ The time to start planning is now: Florida Senate Bill 4D.

Volume #003 - very few Board of Directors and Management teams have a clear understanding of what was passed for the new condominium structural safety requirements.

David Anthony Ward
January 15, 2023

Some of the most important items I’m seeing and hearing to kick off the new year 2023, specifically in the luxury high-rise condominium market, are likely being overlooked.

Six months later, still very few Board of Directors and Management teams have a clear understanding of what was passed for the Florida Senate Bill 4D (the new condominium structural safety requirements).

There are two crucial aspects, which truly are a bit challenging to follow, and clarity from the DBPR and industry experts will still be forthcoming:

The Milestone Inspection due in either year 30 of the condominium, or as soon as year 25 (if within 3 miles of the coast).
Structural Integrity Reserves Studies (or SIRS) which must be completed by a Florida licensed professional Engineer or Architect, for a study of specific structural items listed "a" through "j" in the bill. Items "a" through "j" are the following:

a) Roof
b) Load-bearing walls or other primary structural members
c) Floor
d) Foundation
e) Fire Proofing and Fire Protection Systems
f) Plumbing
g) Electrical Systems
h) Waterproofing and Exterior Painting
i) Windows
j) Any other item that has deferred maintenance expense or replacement that exceeds $10,000, and the failure to replace and maintain such item negatively affects the items listed above, as determined by the licensed Engineer or Architect.

I highly recommend both Boards and Management Teams study these new requirements, and review more than once helpful overview webinars and discussions by industry legal and engineering experts such as the following moderated by Akam:

Here is another helpful overview webinar for these new Structural Integrity Condominium Association requirements, led by CAI and the Florida Legislative Alliance, closing working with industry leaders in CAI Southeast Florida Chapter:

For luxury high-rise condominiums, there is excessively high demand for the right experts. It's currently very difficult to find quality contractors for large Cap-Ex projects, as many of the contractors that everyone prefers to use are already booked 1 to 2 full years out. To complicate matters, Associations are often under-funded on Reserves.

Deep knowledge, early action, proper planning, and lending will continue to rule the day.

Swire plans a two-tower Mandarin Oriental project with a Supertall on Brickell Key

Swire Proposes Supertall Tower Project on Brickell Key

Swire Properties wants to build a 1,049-foot supertall and an adjacent 700-foot tall building on the Mandarin hotel property on Miami’s Brickell Key.

https://therealdeal.com/miami/2023/01/10/swire-plans-two-tower-project-with-supertall-on-brickell-key/

Aman Miami Beach Developers Secure Financing for Luxe Hotel and Condo Project

Investors landed a loan from Bank OZK, an aggressive financier of high-end condominium projects.

https://www.wsj.com/articles/aman-miami-beach-developers-secure-financing-for-luxe-hotel-and-condo-project-11673328999?st=bi0lissq8amxyf9&reflink=desktopwebshare_permalink

Related joins $1B Bahia Mar Development on site of Fort Lauderdale International Boat Show

Related Joins $1B Bahia Mar Dev on Site of Fort Lauderdale Boat Show

The parcel, which faces the Intracoastal Waterway, now houses a Hilton Double Tree Hotel that’s set to be demolished.

https://commercialobserver.com/2023/01/related-group-bahia-mar-fort-lauderdale-international-boat-show/

South Florida Foreclosure Filings Soar 61% in 2022

https://www.bizjournals.com/southflorida/news/2023/01/12/south-florida-foreclosure-filings-soar-61-in-2022.html