There is a new development underway in the Powers corridor. “Tutt Business Center” is an interesting spin on the ubiquitous Office Condo concept. This project features a combination of “Tech/Flex” space in addition to Garage Condos.
Tech/Flex offers small business owners the opportunity to purchase smaller square footages of any combination of office, showroom or warehouse space in a high visibility location. These units are true Class A space in the fastest growing part of Colorado Springs. This concept allows the purchaser the traditional benefits of ownership, for example building equity, tax benefits through interest deductions as well as depreciation, as well as the ability for the small business owner to fix their overhead for 20 to 25 years by avoiding rent increases.
The garage condo part of this project is just what the Doctor’s ordered. Located close to the New Penrose St. Francis Hospital, these wily developers aren’t building space for the doctors, there are plenty of people chasing that crowd, these guys are catering to the doctors toys.
These garages come in three sizes: 960, 1,200 and 1,440 Square Feet. Prices range from the high $80’s to the mid $130’s. These units feature; electricity, phone and cable pre-wire, Garage Door opener with keypad, 16’ ceilings, gas fired heater w/thermostat, water stub for utility sink, 24/7 access grounds maintenance.
These spaces are great for storage of everything from inventory and supplies to your favorite Lotus or Maserati. There is also a private clubhouse complete with wet bar, poker table, flat screen TV, bathrooms and leather furniture.
Projects like this have generally been the domain of commercial brokers. Due to the level of customization, planning and involvement a.k.a hand holding, the transaction tends to feel more like the purchase of a second home then an office or garage, so it’s not out of the question to see a residential broker involved in the sale of these types of real property.
I would encourage residential brokers to introduce your client base to projects like this. Especially, these days when most buyers seem to be waiting for the traditional residential market to hit bottom. I find small business owners are often looking for these types of opportunities but don’t really know where to go or have never thought about owning.
Provided By: Joe Boylan http://www.SpringsHomes.com
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