500 E Grant, Mpls

[CJ1234]

I'm wondering who has appraised in this development?

I have for years, both in the high rise and in the townhouse-style units.
I have a peer who has appraised a unit in the high rise. Lender has come back with the legal opinion that when developed, these units are PUDs not condos.

MN has been pretty straight forward.....CIC and UNIT Number is a condo.
How have you appraised these units?

 

[KHS445]

Not sure about MN, but in MI PUD is a form of zoning and not a form of ownership. A MI PUD can be commercial, residential, condos, etc. and the type of ownership of the land/improvement is subject to the language within the PUD approval. Generally a PUD is the controlling unit of Government's way of allowing development of larger spaces that may be more dense then allowed by existing zoning regulations, while maintaining some reasonable and unified standards. In reality a PUD is really nothing more than an approved non-confirming use of a parcel of property. Many times in my area a PUD will be approved with a number of contingencies such as required amount of green area, installation of roads and utilities, varying setbacks, increased height limitations, reduced sizes of living units, etc.

 

[CJ1234]

Not sure about MN, but in MI PUD is a form of zoning and not a form of ownership. A MI PUD can be commercial, residential, condos, etc. and the type of ownership of the land/improvement is subject to the language within the PUD approval. Generally a PUD is the controlling unit of Government's way of allowing development of larger spaces that may be more dense then allowed by existing zoning regulations, while maintaining some reasonable and unified standards. In reality a PUD is really nothing more than an approved non-confirming use of a parcel of property. Many times in my area a PUD will be approved with a number of contingencies such as required amount of green area, installation of roads and utilities, varying setbacks, increased height limitations, reduced sizes of living units, etc.

Thank you. That is how I've always understood it here in MN as well. The Legal Description is CIC (Common Interest Community).