Setting up your Condo/Commercial Development for a Successful Lease- up of the Commercial Podium – Legal Framework
Anticipating and working around legal issues to enable your commercial lease program to succeed. Developers and their legal counsel must structure their documents to protect the commercial entities within mixed-use multi-component properties. At condominium disclosure, developers are selling residential condominium units, but the commercial components need protections baked into the condominium documentation to protect the commercial owner’s interests, secure building areas that are exclusive to the commercial component and avoid conflicts and obstacles. How are operating costs managed? Does parking revenue (if any) offset operating costs, and how are realty taxes and the cost of shared facilities apportioned? How does BOMA area methodology apply within mixed-use projects. Optimize the leasing, operation, management, saleability and financeability of the commercial component of your Development.