Florida Condo Owners Face Six-Figure Assessments After $36M Building Overhaul
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What happened
Condo owners at The Galleon, an oceanfront property in Fort Lauderdale, are being charged special assessments ranging from $135,000 to $320,000 per unit. This cost follows a concrete restoration project that expanded from an initial $1.6 million estimate to a $36 million overhaul over five years. Sergio Cella, a resident, told CBS News Miami that workers have attempted three times to repair cracking on his 14th-floor balcony, describing the quality of the work as poor.
From nypost.com
Why it matters
The massive cost overruns and resulting special assessments place a significant financial burden on property owners in the region. The contractor, Hartzell Construction, disputes responsibility for the cost increase, stating the original agreement was limited, while the condo association expanded the project scope through change orders.
CBS News Miami covers building safety issues in Florida.
From nypost.com