THE PROPERTY
A year-round island resort community including 250 single family houses and condominium residences, plus a hotel, two restaurants and a marina.
THE CHALLENGE
Diamond Cove was converted from a former military base constructed near the turn of the century. Many of the homes and other buildings are original structures, included on the National Register of Historic Places. The infrastructure includes some components that are new and others (the water pipes) that are more than one hundred years old. Complex maintenance obligations for this mixed-use development are allocated among the HOA, individual owners, and the local government. Old bylaws, lacking the sophistication of newer ones, added another layer of complexity to the analysis of who is responsible for maintaining what.
THE TAKEAWAY
Criterium Engineers drew on decades of experience analyzing structures of all kinds for condominium communities all over the country to develop the comprehensive and detailed cost projections this HOA needed to manage the community’s finances.