What is an office condominium?
An office condominium or “condo” is a legal form of real property where a specific, defined area of commercial real estate (Unit) is individually owned. All the Units share ownership and enjoyment of the areas in common such as walkways, parking, and landscaped areas. As real property, condominiums are deeded and taxed and can be bought and sold. Similar to every common residential / commercial properties in Louisiana, office condominiums are prevalent nationally, but are new to the local Monroe market.
How do I purchase a Unit?
The sequence of your purchase is similar to the purchase of a house or residential condominium. A Purchase and Sale Agreement initiates the transaction which defines the details of the property, the price, the sequence, and the time line of events (deposit in escrow, arranging financing, space planning, etc.) which culminate in a Closing. This process transfers ownership of the Property from the Seller/Developer to the Buyer.
How do I lease or lease with option to purchase?
Tower Village Office Park is available for purchase as a Condominium. Alternatively, select Units may be offered as a Leased Premises with the Developer or his owner successor as the Landlord. An interior build-out allowance and/or an accrual of monies towards a down payment on a future purchase of the Unit may be included as part of the Lease Package.
What is a “green building”?
A building that is designed to efficiently use resources – energy, water, and materials – while reducing building impacts on human health and the environment during the building’s life cycle. In addition to moderating environmental impacts, green buildings, by way of their focus on efficiency through design, lead to significant reductions in operating costs by using less energy and water than conventional buildings. ENERGY STAR is a joint program of the U.S. Environmental Protection Agency and the U.S. Department of Energy helping us all save money and protect the environment through energy efficient products and practices.
What does ENERGY STAR certification mean?
ENERGY STAR certification means the building performs (energy use) better than 75% of like kind buildings.
What size Unit do I need?
Unit sizes range from 1,180 square feet (SF) to over 2,300 SF; multiple Units can be combined to a total of over 7,000 SF. A preliminary discussion of your needs (program) will enable development of complimentary draft floor plan designs by the Developer to assist you in assessing which Unit size is best suited to your individual needs.
How is the property and building maintained?
All responsibilities of property management including lawn, grounds and exterior building maintenance are managed by the condominium association and shared by all property owners. Building insurance, maintenance and trash pickup are also provided, making this a true hands-off investment. Property taxes, utilities, janitorial services, unit content, and liability insurance are the responsibility of the individual property owner.
How does the condominium association work and what are the fees?
“The Developer (Declarant), Holyfield, Inc., has prepared the Condominium Declaration of Tower Village Office Park pursuant to and in compliance with the Louisiana Condominium Act (Louisiana Revised Statutes 9:1121.101 et seq). The condominium association will be made up of a board (officers) and the weighted voting will be based on the square footage of each Unit as a percentage of the entire development. Condominium fees are based on a similarly calculated formula. First-year fees are based on a projected operating budget. Condominium fee calculations and the Declaration are available for your review.
What are the permitted uses of occupancy?
Tower Village Office Park is a Class A office development. Usage is limited to medical (non-ambulatory), professional, and general office use and must be approved the Developer.
How does the parking work?
Parking is on a non-reserved basis with availability based on the square footage of your unit. Parking is currently allocated at 1 space per 300 square feet of Unit space. The developer reserves the right to designate selected usage.
What type of exterior signage can be used?
Owners have the opportunity to add their company signage on all Units that have their own exterior entrance. A signage area of 14in x 20in to the right of the door is reserved for each Unit and can be stylized with company logo and typeface. The material, color, and type of signage are defined by the guidelines set forth in the condominium association documents.
What financial benefits are available as property owners?
Condominium ownership has the same tax benefits as any commercial real estate ownership. Depreciation, interest, and operating expenses are allowable income tax deductions. The financial advantages of Condominium ownership accelerate over time and typically prove to be an attractive alternative to paying rent. The Developer can provide you with financial modeling comparing own vs. lease scenarios over five, ten, and twenty-year periods with variables based on Unit size, interest rate and down payments starting at 10%.
What is the availability of Units and when will they be available for occupancy?
Tower Village Office Park will be available for occupancy Spring 2013 or before. Units range in size from 1,180 SF and as open floor plans, multiple Units can be combined into one Unit of 7,000 square feet.
HAVE MORE QUESTIONS?
Give us a call at (318) 388-2492 or email us via our contact form. We would gladly answer all your questions.
Or contact our sales team directly…
