Developers are targeting hundreds of aging condo apartment buildings in Miami Beach for acquisition so they can tear them down and build new luxury residential towers, zeroing in on towers approaching a 40-year deadline to recertify structural integrity.
At least eight waterfront condo buildings in Miami Beach currently are involved in discussions for sale to developers, according to brokers and developers surveyed this week by the Wall Street Journal. WSJ said developers including Related Group and Starwood Capital Group are pursuing aging waterfront properties in the Miami area.
Florida law requires that 80 percent of condo unit owners agree to a sale before a condo building can change hands, often forcing developers to go through a tedious process known as condo termination, effectively negotiating the purchase of each unit with its owner.
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