There is no guarantee that expensive improvements made today will be allowed to stand five or 10 years from now, says Mink who is also president of Mink & Mink, a locally-based commercial real estate brokerage. "The ADA is under close scrutiny now, thanks to some recent interpretations in Tallahassee," Mink says. Building owners and several public officials are following and watching how federal officials interpret and reinterpret the statute.
For example, "If you build a building today that is in 100% compliance, you have no guarantee that you won't have to make substantial renovations in three to five years, just to keep up with new interpretations and/or regulations," Mink tells GlobeSt.com. As a result, many owners are "over a barrel," the broker says.
Owners of older properties are especially vulnerable, the broker says. For example, "the owners of a small historic, two-story building that has a little shop on the ground floor and office space above would not consider installing an elevator under normal circumstances," Mink says. "But if the owner makes even small improvements of the ground-floor retail space to accommodate a new store, he could be required to provide elevator access to the second story, and that will cost $40,000 to $60,000."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.