Condo Project With More Than 25% Commercial Space

[Tim The Enchanter]

http://www.mlive.com/lansing-news/index.ssf/2014/03/lansing_lugnuts_apartments_bas.html

http://urbanland.uli.org/planning-design/making-sports-oriented-mixed-use-work/

These were from a cursory google search and I know that there are college football stadiums with residential condos as part of the project.


Its not about specific comps for the appraisal but rather demonstrating marketability of concept.

OK. Interesting. Not sure I have seen such a concept before.
Michigan, Ohio, I hope the Original Poster from Texas does not have to go that far for comps though.
Maybe California Speedway, but I doubt they did condos. more like lux boxes iirc.

 

[Tim The Enchanter]

Oops.

 

[hastalavista]

Have you verified that the commercial portion is part of the residential "project." They may be separate projects.

Excellent point.

Many the mixed use projects I've seen in high density urban areas are two associations: one for the residential component and one for the commercial component.

If memory serves, the last one I did with two associations, I called the client. Client said they were only concerned about the association the unit they were loaning on belonged to. I said I'd describe both in the narrative and state that the client instructed that the association information on the form section was to represent the residential association only. They were fine with it and so was I.

 

[timd354]

Have you verified that the commercial portion is part of the residential "project." They may be separate projects.

The residential and commercial portions may or may not have separate sub-associations, but surely the commercial and residential portions are part of the same master project since they occupy same building and there must be declarations and other documents which apportion what percentage each unit in the entire structure pays in maintenance, reserves and management fees among other issues.