Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/566807
42 • September 2015 • Western Real Estate Business www.REBusinessOnline.com M ixed-use projects are becom- ing more common as urban infll increases. While all mixed-use projects create a number of issues for commercial landlords and tenants that are absent from compa- rable single-use projects, these issues are particularly pronounced in mixed- use residential condominium projects. The structure of a condominium project tends to decentralize the typical landlord-tenant relationship because the project will ultimately be controlled by an association act- ing through a board of unit owners. Therefore, a tenant is unable to look directly to the landlord, who may sim- ply be one owner of many, to perform customary "land- lord" functions like operating, maintain- ing, and insuring the building and common areas. As a condomini- um unit owner, the landlord's interest will be subject to various governing documents. Any lease will need to be consistent with these documents and require the tenant's compliance with applicable restrictions. Lease provi- sions that parties are accustomed to negotiating at length, such as rights related to use and access, insurance requirements, operating expenses, maintenance obligations and proce- dures following casualty events, will largely be dictated by the project's governing documents. To add to this already difcult frame- work, the nature of the users' interests are fundamentally diferent and often at odds. On one end of the spectrum are residential homeowners, directly involved in the association and highly invested in the operation of the proj- ect. On the other end are commercial tenants who must look to an absen- tee landlord to ensure their rights are enforced and protected. Commercial units also typically form only a small portion of an overall project, putting commercial owners and their tenants at risk of being marginalized by the majority residential owners. Review the Governing Documents Early Given the potential for confict, commercial landlords and tenants should review the project's governing documents as early as possible. These documents include the declaration of covenants, conditions and restric- tions, condominium plan, associa- tion articles of incorporation, bylaws and budget, and applicable rules and regulations, such as architectural stan- dards. The governing documents in larger projects may also include docu- ments related to a master association, and separate reciprocal easements and cost sharing agreements. The landlord may be unable to ob- tain amendments to the governing documents in an existing project, and a tenant or potential purchaser should see the review as part of its early fea- sibility analysis. A tenant may request revisions to the proposed governing documents if a project is still being developed, and a landlord-developer COMMERCIAL LEASING CONSIDERATIONS IN MIXED-USE RESIDENTIAL CONDO PROJECTS Mixed-use residential condominium projects create a number of issues for commercial landlords and tenants that should be addressed early in the leasing process. By Jonathon Giebeler Giebeler REQUEST FOR PROPOSAL Development of 1.189 ACRES of Land in the Dillon Town Center, Town of Dillon, Colorado 80435 This Dillon Urban Renewal Authority (Authority) Request for Proposal (RFP) seeks proposals from qualifed development teams and/or end‐users (Developer) for the development of three parcels of land along the west side of LaBonte Street between Fiedler Avenue and Buffalo Street in the Dillon Town Center Area. The parcels are located in the Dillon Urban Renewal Plan Area. DEVELOPMENT GOAL The Town of Dillon is seeking proposals from qualifed Developers to build new residential, retail, commercial, restaurants, hotel or mixed use project(s) on the Parcels. The proposed project shall utilize the Town Center's core area zoning to its full advantage to promote a high density high intensity development on these parcels which is consistent with the Town Planning Documents. DESCRIPTION OF REAL PROPERTY AND LOCATION The real property is described as Lots 16R, 17A and 17B, Block A, New Town of Dillon Subdivision, Dillon, Colorado. The Parcels consist of a total of 1.189 Acres. • Lot 16R 0.406 Acres • Lot 17A 0.557 Acres • Lot 17B 0.226 Acres LOCATION HIGHLIGHTS • Dillon sits at the epicenter of Summit County with access to the surrounding communities of Breckenridge, Frisco, Silverthorne and Keystone and the I-70 corridor. • Located within walking distance to many key recreational opportunities within the Town of Dillon. • The Parcels sit approximately 1,000 feet northwest of the Dillon Marina, 0.25 mile from the Dillon Amphitheater and Marina Park, and they are located just south of Town Park which sits along the north side of Buffalo Street. • Parcels 16R is currently an underutilized parking area. • Parcels 17A and 17B are currently undeveloped parcels which back up to the Colorado Mountain College Dillon Campus located off of Fiedler Avenue. • Potential incentives available from the Town of Dillon. Belong Here Development Opportunities in Dillon, CO Become a part of the Mountain Community of Dillon CO. Submit proposals to kanderson@townofdillon.com or visit TownofDillon.com RFP can be found at TownofDillon.com • Deadline: September 16, 2015 continued on page 44