The Aging Condo Conundrum: Opportunities for Redevelopment

A lack of developable land in Florida, coupled with a rise in demand for commercial and residential real estate, is leading savvy investors to redevelop aging condominiums.

In 2022, the Florida legislature passed a series of laws impacting the nearly 1.5 million condominium units throughout the state – along with the 28,000 associations overseeing the properties. These strict policy changes may open the door to a significant rise in condo redevelopment.

CS/CS/CS/HB 1021 covers many topics, including the statutory recognition of condominiums in vertical subdivisions and condominium building safety measures. However, the legislation is also a reaction to a slew of additional issues affecting condominium associations, such as mismanagement and mistrus...