Florida Condo Redevelopment Unleashed: Legal Insights for Florida Developers
Bilzin Sumberg
Speaking Engagement
October 4, 2023
Sara Barli Herald, Michael A. Hanzman, Joseph M. Hernandez, Kevin M. Koushel, and Carter N. McDowell take part in Bilzin Sumberg's Florida Condo Redevelopment Unleashed: Legal Insights for Florida Developers. This panel aims to:
- provide insights into the legal challenges and business strategies of the bulk acquisition and redevelopment of old and distressed condos, co-ops, and apartment buildings in South Florida, and
- guide developers and investors through complex legal terrain to capitalize on the immense potential within the market of aging properties, amidst the backdrop of today’s tumultuous economic environment.
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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.
Although lenders have more confidence, don’t expect them to lend more than 20 to 30 percent of the construction costs of a project anytime soon, said Adam Lustig, a partner in the real estate group at Bilzin Sumberg Baena Price & Axelrod. He recently completed a more than $40 million lendi...