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In the Spotlight: Preparing Form Leases for Mixed-Use Projects
As the construction of mixed-use projects continues to grow across the nation and globally, all parties involved ' developers, owners, property managers, attorneys, and tenants ' must understand the dynamics of the project in which they are involved and how best to structure the relationships among the several parties, which will generally have divergent interests. The building block for this relationship will likely be a form lease.
In addition to a form lease, many developers are adopting the strategy of creating condo units within a project, selling the residential units, and leasing the commercial units. These condo, mixed-use projects add an additional complexity because there will be an underlying condo declaration (or similar document ' depending on the state in which the project is located) that will govern all use of the project, with which the form lease will need to be consistent. Without a solid building block for mixed-use projects, the relationships between the different types of tenants, and between the landlord and the tenants, can quickly deteriorate, leading to infighting and an unattractive project that is hard to stabilize. It is, therefore, important to an owner or property manager to have a form lease that creates a lasting, harmonious relationship among all tenants of a mixed-use project. This article outlines the steps each owner should follow when drafting a form lease for each mixed-use project and points out some major provisions of the form lease that deserve specific attention.
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