Question for those in Condo's with Office/Retail Spaces

[I-Hate-Hulse]

A lot of condos now have ground floor retail or even floors of office space. I'm curious to know how these are handled from a Board / Bylaws perspective. Are these:

1) Run as two separate Board Entities, with two sets of bylaws and two Boards? If so, how do you divy up common costs like a reserve fund / operating expenses? Is the Board responsible for finding retail tenants (presumably by hiring a commerical real estate broker to act on their behalf)

or

2) Run in some sort of combined fashion, but as a single Board / Bylaw?

[bizaro86]

Originally Posted by I-Hate-Hulse

A lot of condos now have ground floor retail or even floors of office space. I'm curious to know how these are handled from a Board / Bylaws perspective. Are these:

1) Run as two separate Board Entities, with two sets of bylaws and two Boards? If so, how do you divy up common costs like a reserve fund / operating expenses? Is the Board responsible for finding retail tenants (presumably by hiring a commerical real estate broker to act on their behalf)

or

2) Run in some sort of combined fashion, but as a single Board / Bylaw?

I own a condo in a tower with commercial units on the ground floor. They are individual condo units in the same condo corporation. The owners of those units own them, and either rent them out to a business or operate a business in them. The bylaws have rules about what type of businesses are allowed, hours, signs, etc. The unit owners pay condo fees based on unit factor like every other unit owner.

I believe other buildings have other arrangements, I would check the condo plan to see if they are separately titled or if they are common area. Also check the bylaws, etc.