REPORT: Condo owners of collapsed FL building were facing assessments for $15 million worth of repairs

Condo owners in the South Florida tower that collapsed last week were facing assessments for millions of dollars worth of repairs – with payments set to begin a week after the building’s deadly fall.

The Champlain Towers South condo association approved a $15 million assessment in April to complete repairs required under the county’s 40-year recertification process, according to documents obtained by CNN. The documents show that more than two years had passed after association members received a report about “major structural damage” in the building before they started the assessment process to pay for necessary repairs.

Owners would have to pay assessments ranging from $80,190 for one-bedroom units to $336,135 for the owner of the building’s four-bedroom penthouse, a document sent to the building’s residents said. The deadline to pay upfront or choose paying a monthly fee lasting 15 years was July 1.

An itemized list of planned repairs included new pavers, planter landscape and waterproofing — addressing some of the issues noted in a 2018 engineer’s report, which warned how leaking water was leading to deteriorating concrete. The most costly project listed was “facade, balcony and railing repairs,” for $3.4 million [CNN].

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