Continuum Co. is making a third attempt to acquire the condo units at 9225 Collins Ave., offering $141 million, as reported by Commercial Observer. Previous bids of $125 million last year and another $141 million earlier this year were both rejected.
The 139-unit Four Winds building, constructed in 1967, is located four blocks from the Champlain Towers South site, which tragically collapsed in 2021, resulting in 98 deaths. In response to this tragedy, new state regulations were enacted, requiring condominium associations of buildings aged 30 years or older to conduct reserve studies every decade and secure funding for these reserves—practices often waived in the past.
Continuum is not the only New York-based developer eyeing the Four Winds for a buyout. Earlier this year, the Naftali Group offered $115 million, an increase from its original $100 million offer.
Despite these offers, the condo board at Four Winds formed a committee to evaluate the proposals and explore a buyout. However, they ultimately decided to reject the bids and proceed with meeting the new reserve funding requirements, which are due by the end of this year. The estimated recertification cost is $5.8 million, but 40 owners have yet to contribute their share.
