Three years after the collapse of a condo building in Florida, developers say a court decision may stop them from demolishing and replacing older residential buildings.
. With the rising costs, residents in many aging buildings are selling out to developers who are racing to replace them with new luxurious high-rises.
Jacqueline Fraga says, “They’ve already taken out a lot of windows and doors, if you can see in the floors upstairs.” Fraga owns one of the now-empty units in the Biscayne 21 condominium. All but a handful of apartments in the 192-unit building were bought by a developer, who wants to tear it down and build a bigger, more deluxe building in its place.Fraga is one of a group of unit-owners who took the developer to court right before demolition was to start.
Many older condos in Florida, including Biscayne 21 require approval from 100 percent of the building’s unit owners for termination. By lowering that to 80 percent, a Florida appeals court ruled the developer violated the voting rights of unit owners and that the condo termination was illegal.It’s a ruling with a broad impact on developers who are eyeing older condos for new projects.
Lawyers for the developer are asking the appeals court for a rehearing and plan to take the case to the state Supreme Court if necessary. Raffanello says the ruling, if it stands, will make it much harder to replace older residential buildings. “It’s given a single person control over the entire community will,” she says. “And that’s not something that any developer wants to walk into.”
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