D
evelopers and contractors in the Tampa Bay area are assessing damage to project sites, contacting insurers, and preparing to resume construction work after Hurricane Milton. The storm made landfall as a Category 3 hurricane on Wednesday night, causing widespread flooding, power outages, and tornadoes that affected over 3 million homes and businesses. At least 12 people have been confirmed dead.
The Tampa Bay area was hit hard by the storm, with early predictions estimating losses of up to $175 billion. In St. Petersburg, a crane at the construction site of the luxury Residences at 400 Central condo tower partially collapsed, slamming into an office building across the street. The developer, John Catsimatidis, said no one was hurt and that work will resume with two remaining cranes.
Attorney Michael Coffey noted that the collapse likely will prompt investigations by federal, state, and local authorities to determine whether the site should have used cranes made to withstand more than 110 mph winds. The Tampa Bay region has seen significant development in recent years, with major developers such as Related Group and Mast Capital active in the area.
Related Group's founder, Jorge Pérez, said early reports show limited damage across their projects in the greater Tampa Bay area. However, even if damage is minimal, contractors and developers have a lot of work to do to document and mitigate issues caused by water intrusion, which could lead to mold and mildew.
In other parts of South Florida, Hurricane Milton tore through Tropicana Field Stadium's fiberglass roof and spawned tornadoes in areas such as Avenir and Wellington. The storm also killed at least six people in a senior housing community in St. Lucie County.
The impact of the storm on insurance premiums is uncertain, but experts say it may not necessarily lead to further increases for builders liability or flood and wind policies. However, insurance for crane operators could become more challenging due to the partial collapse in St. Petersburg.
