Latest News





Project List

Date: 27 Jul 2017
Projects – 2016 / 2017  Budgeted   Cost to Date   Pending   Project Cost   Variance  Status Funding 
    2016 2017            
– – – – –
1 Concrete Restoration (Balconies, Facade, Concrete Balusters, Repairs and Paint Finishes)  $ 100,000.00  $724,497.00  $    164,580.30  $301,925.70  $    466,506.00  $  357,991.00 Ongoing Reserve
2 Doors, Metal, Stairwells and Garages, Phased (2017, 2018, 2019)  $250,000.00  $                    –  $250,000.00  $    250,000.00  $                   – Reserve
3 Entry Door Locks, Partial (Every other Year)  $  15,000.00  $                    –  $  15,000.00  $      15,000.00  $                   – Reserve
4 Furnishings, Common Areas, Phased  $  21,136.00  $                    –  $  21,136.00  $      21,136.00  $                   – Reserve
5 Paint Finishes and Decoration, Hallways and Common Rooms (Incl. Chair Rail)  $   20,000.00  $  50,000.00  $                    –  $  70,000.00  $      70,000.00  $                   – Reserve
6 Air Handling Units, Make-up Air, Hallways, Phased  $   84,500.00  $  72,500.00  $      36,950.00  $120,050.00  $    157,000.00  $                   – Ongoing Reserve
7 Life Safety System, (Fire Alarm, phased)  $   35,000.00  $600,000.00  $      18,000.00  $477,431.00  $    495,431.00  $  139,569.00 Ongoing Reserve
8 Asphalt Pavement, Crack Repair, Patch and Seal Coat  $     8,550.00  $                    –  $     8,550.00  $        8,550.00  $                   – Reserve
9 Fences, Chain Link and Wood, North Perimeter  $  25,000.00  $                    –  $  25,000.00  $      25,000.00  $                   – Reserve
10 Furniture, Beach  $   20,000.00  $  15,000.00  $                    –  $  35,000.00  $      35,000.00  $                   – Reserve
11 Tennis Courts, Color Coat  $  14,880.00  $                    –  $  14,880.00  $      14,880.00  $                   – Reserve
12 Tiki Huts, Beach  $  45,000.00  $                    –  $  45,000.00  $      45,000.00  $                   – Reserve
13 Plaster Finish, West Pool (Tower 2)  $   68,300.00  $      57,794.45  $117,545.90  $    175,340.35  $(107,040.35) Ongoing Reserve
14 Rest Room and Laundry Building, Interior Renovations, Phased  $  10,350.00  $                    –  $  10,350.00  $      10,350.00  $                   – Reserve
15 Concrete, On-grade, Partial  $  11,200.00  $      25,843.55  $                –  $      25,843.55  $   (14,643.55) Ongoing Reserve
16 Expansion Joints, Inspections and Partial Replacements (2016 and 2017 Phased)  $  30,000.00  $        5,510.00  $                –  $        5,510.00  $     24,490.00 Ongoing Reserve
17 Drain System – Pipes, Lower Garage, Near-Term Replacements (2016 and 2017 Phased)  $ 100,000.00  $286,700.00  $      81,862.00  $236,405.00  $    318,267.00  $     68,433.00 Ongoing Reserve
– – – – – –
18 Window Replacement Project  $                    –  $                –  $                    –  $                   – Special Assessment
19 Planter Repairs – Tower 2 Lobby Entrance  $                –  $        4,180.00  $  43,733.33  $      47,913.33  $   (47,913.33) Ongoing Reserve

TOWERS OF KEY BISCAYNE

Recap of Key Projects & Open Items – as of 7/25/17 Board Meeting

 

Major Projects 

 

WINDOWS REPLACEMENT 

 

Overview: A contractor Complete General Contracting and a window vendor RC Home Showcase have been selected – with a total projected cost of $9,040,887.98. Contract draft has been prepared by Association’s legal counsel and is currently being reviewed by both parties. Work is targeted to begin in December 2017, and is estimated to take 24-30 months.


Next Steps: The Board President, Treasurer and Assistant Treasurer have met with 5 banks and our CPA is analyzing the term sheets and Bank proposals. Proposals range from financing for 7-10 years. The Board will make a final selection in the next few weeks.


Impact to Owners: We anticipate adoption of a Special Assessment in the month of October, with a projected start date on December 2017.

 

 

GARAGE DRAIN SYSTEM

 

Overview : After consultation with the Village and a private engineer, the solution to the flooding in the garage has been determined to require four sequential phases.

 

Work Completed: Phase I – the 48″ backflow from the village has been installed.

 

Work Planned: Phase II – Our proprietary 48″ valve will be installed at the end of September or first week of October.

 

Work Still Under Planning & Analysis:

Phase III – Our engineer is preparing a report with recommendations on how best to repair the damaged pipes in the lower garage. The work can start after the Phase II installation of our proprietary valves.
Phase IV = Installation of dry wells and pumps, which will handle any water that may come up at the garage level. This work will follow the completion of the Phase III pipe replacement.

 

Impact to Owners: Phases III & IV will require the temporary relocation of vehicles from LG parking spaces.

 

POOL RESTORATION

 

Overview: The Tower 2pool was closed for resurfacing in January 2017 – with an expectation that the work would be completed by April 1st.  When the plaster was removed, engineers found spalling throughout the pool – which necessitates a restoration rather than simple resurfacing. This has caused an unexpected sequence of new plans & specifications from the engineer, and new permits from the Village.

 

Next Steps:  An area in the Upper Garage has been closed in order to secure the frame of the pool, and enable us to proceed with the concrete restoration of the pool envelope and substructure.  This has required the relocation of vehicles in the upper garage. We anticipate the project to be completed by the end of September.

 

Budget Impact:  The resurfacing was initially budgeted to be $68,300.  The actual cost is now projected to be $175,340 – meaning a negative variance of $107,000.  Those funds will come from our reserves.

 

 

CONCRETE RESTORATION

 

Overview: This involves the restoration of balconies, railings and eyebrows of the building. The project is targeted for completion in June 2018 and is on budget for its $466,506 cost.

 

Work Completed: We are approximately 38% completed at this time.  This encompasses Tower A (1-4), Tower B (1, 5-8), Tower D (1-4) and Tower E (5-8).

 

FIRE ALARM

 

Overview:  In order to comply with current Fire Code regulations, we must upgrade the fire alarm system in Building 1111.

 

Next Steps: We just received the approved permits for the work and will be coordinating the start of the work by middle of August 2017.  We expect the project to take a year to complete.

 

Impact to Owners: Additional speakers/strobes must be installed within the units, which will require wiring to each bedroom. Owners will be notified via email & notice under the door as to the scheduled entrance to their unit.

 

Unexpected Maintenance

 

CHILLER TOWER B

One of the compressors of the chiller in Tower B needs to be replaced.  This is causing hallways to be warmer than usual.  The cost for the repair is $22,000. We expect this to be completed by August 18th.

 

PLANTER IN FRONT OF TOWER 2 LOBBY

The planter has been emptied in order to address a water leak into the upper and lower garages – caused by inadequate drainage and waterproofing of the planter. Drains, expansion joints and water proofing are being replaced, at a cost of $47,913.  We expect this to be completed by end of August.  We are facing the same situation with the second planter in Tower 2 as well as in Tower 1, and are analyzing plans for those repairs before water damage becomes problematic.

 

New Items

 

WATERCRAFT AREA

Overview:  At the June 2017 meeting, the Board voted to assess a $150 annual charge for the rental of the watercraft spaces.  Their primary rationale was that there is limited availability of spaces, so residents should pay for a guaranteed space – much like the costs for golf cart charging and additional parking spaces.

 

Next Steps:  After receiving significant negative feedback from owners using watercraft spaces, the Board agreed to create a new Watercraft committee, which will be comprised of a more balanced group of owners (i.e., watercraft owners and non).  That committee will opine on the configuration of the area (to maximize the available space) as well as charging rates.

 

Impact to Owners: Until the Committee presents its findings to the Board for further consideration, the $150 charge will not be assessed.

 

SECURITY PICTURE ID

 

Overview:  Many residents are concerned with unauthorized visitors on the property – coming in from both the front gate and the beachside.

Some owners have expressed concerns about a negative visitor experience and privacy concerns if ID is requested.  Others have suggested the example of virtual IDs.  Neither approach addresses the problem of unauthorized visitors entering from the back of the property.

Next Steps: A board decision has been deferred pending further analysis.

 





About the author