|RE: Commercial Spaces included in Cohousing Footprint||<– Date –> <– Thread –>|
|From: Eris Weaver (eriswsonic.net)|
|Date: Sat, 14 Jan 2006 08:35:42 -0800 (PST)|
Lew Powell wrote: > Eugene Downtown Cohousing in Eugene, OR is an urban development soon > (hopefully) to begin construction. It will be a three story > flat/townhouse complex on > a quarter city block. The street side of the ground floor > will include several > spaces that the developer hopes to sell, rather than lease, > as commercial spaces To which Sharon Villines replied: > Why sell them? They could provide income for the community and if you > own them, you can lease them to organizations that you would like to > have in your building. Having these spaces to provide income would > seemingly help you get construction loans,etc. Eris here, from FrogSong in Cotati, California. Our community includes a 7000-square foot commercial building with eight housing units above. We had never set out to include this as part of our project but had to do so to comply with our town's downtown general plan. We went round and round for months about how to handle ownership of this space! We considered selling it like Eugene is considering; pros included not having to manage it or assume the financial risk, while the main drawback was losing control of a space that was attached to our housing units. We ended up keeping it. We have a separate LLC set up that official owns the business. We pay one of our members to manage the business. All eight bays are leased out. We have fairly restrictive guidelines about what businesses we will accept as tenants, hours of operation, etc. The current mix includes a coffee shop, a Mexican bakery, a hair salon, a copy shop, an art gallery, and a furniture/antique shop. One of the spaces is leased by the green energy consulting business of one of our members, who divides the space and subleases to two other members. They have the best commute in the world! The commercial space is the 31st member of our HOA, but it is represented by one of our members, NOT the tenants. We moved in two years ago. This past year we saw our first tiny profit, which is projected to increase this year. We put any profit back into our HOA operating budget; this will eventually, hopefully have the effect of decreasing HOA dues. So it has turned out well. Of course the economy could tank, we could have tenants move out and not find new ones, etc. etc....but we are in California, in the Bay Area, and so far the benefits have seemed to outweigh the risks. ******************************************* Eris Weaver erisw [at] sonic.net FrogSong, Cotati, CA "The cure for anything is saltwater - sweat, tears, or the sea." - Isak Dinesen
Commercial Spaces included in Cohousing Footprint WmlP, January 12 2006
- Re: Commercial Spaces included in Cohousing Footprint Sharon Villines, January 13 2006
- RE: Commercial Spaces included in Cohousing Footprint Eris Weaver, January 14 2006
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