Signature Place condos

Owners at Signature place, one of downtown St. Petersburg's newest and tallest condos, are being assessed thousands per unit in order to correct "urgent construction defects."

Here's an excerpt from the story in the Tampa Bay Times:

Repairs to the 6-year-old building in downtown St. Petersburg originally were estimated to be less than $700,000 but mushroomed after experts discovered "missing or improperly installed" rebar, which helps strengthen exterior walls.

The assessments, which will start Oct. 1, range from $9,910 for the smallest units to $132,244 for the three-story penthouse, according to the schedule obtained by the Tampa Bay Times. Many are in the $50,000 range.

You can read the full story here.

This isn't the only downtown development that has had construction issues. Arlington Lofts on Fourth Avenue S (where I own a unit) is repairing defective construction work that allowed water to seep into several of the units in its buildings. No assessments have been levied -- yet -- after mediation with the builder's insurance company resulted in a settlement.