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.

Over five years ago, Florida’s Third District Court of Appeal issued its decision in IconBrickell Condominium No. Three Association, Inc. v. New Media Consulting, LLC, 310 So. 3d 477 (Fla. 3d DCA 2020), sending shockwaves throughout the condominium industry.