South End Row for Sale

Featured Lofts, Condos and Townhomes

What is live/work? For many reasons, consumer trends indicate more and more people are working from home or would like to. Yet, most residential products often lack the space, layout or location to accommodate a full scale home-based business. Although new to Denver, live/work has been around for a long time. South End Row is a fresh interpretation of the shopkeeper living above the store in centuries old New England and European towns. Most new developments featuring live/work have resulted in a compromise, rather than a value-added fusion, of the two concepts. We believe we have created a design that honors both the live and the work aspect of the home.

Tell me more about the South End Row project. Three buildings of twenty-two live/work residential units are planned to include:

• Fourteen fee-simple live/work townhomes of 2 to 3 bedrooms plus offices, basements and ground floor Flex Space suitable for a variety of home-based enterprises or other uses.
• Eight condominiums of 1 to 2 bedrooms plus offices above 6,000 square feet of retail space.

Is retail space available? A total of 6,000 square feet of ground floor retail space in various sized bays is available for lease among the three buildings. The lease rate is to be determined and will be triple net, not including common area charges, taxes and utilities. The space will be delivered in a shell condition, with a tenant finish allowance.

Where are the South End Row located? South End Row are located in Stapleton, on the East side of South Central Park Boulevard, between Xanthia and 23rd. This unique enclave of residences, shops, restaurants and small businesses will contribute significantly to the urban design, growth and vitality of the southern gateway to Stapleton. The surrounding land uses include existing and planned residential to the East, planned commercial to the West, the existing Bladium Sports Club to the North, and the existing Police Academy Training Center to the South, which is planned for future redevelopment.

Is there a Homeowners Association and what are the fees? The Stapleton Master Community Association (MCA) maintains property common to Stapleton and provides community services. The Master Community Association assessment is currently $31.65 per unit per month. In addition, a Community Assessment Fee is assessed at each sale or resale based on ¼ of 1 percent of the total purchase price, less $100,000. A transfer fee of $150 is collected from the buyer at each closing to cover title transfers. A working capital fee of $200 is charged to the buyer to provide initial capitalization for the MCA. There will be a specific association for the South End Row, although the assessments have not yet been determined.

Are there restrictive covenants at Stapleton? To make the Stapleton Community reflect the character of Denver, there are few restrictions or rules beyond those that exist in other neighborhoods throughout the City. The primary requirement is that owners maintain their property in a clean, sightly and wholesome condition. Landscaping must be installed within one year of occupancy. Design Review is limited to residential units and is only for material changes to the exterior of a home.

Are there special taxes associated with living at Stapleton? The City of Denver approved metropolitan districts to fund local infrastructure improvements such as pocket parks, local streets and wet utilities within Stapleton. The Westerly Creek Metropolitan District (WCMD) builds the improvements and sells bonds to fund those improvements. WCMD establishes an annual mill levy that is currently 54 mills and is adjusted annually and is applied to the assessment established each year by the County Assessor under state law. Increases are limited by agreements with the City and the bondholders. The advantages of this method of funding the infrastructure include: 1) lower lot prices and therefore lower home prices; 2) the ability to finance debt at lower interest rates; 3) the application of the mill levy to all property at Stapleton; and 4) the ability of the taxpayer to deduct the payment on their federal and state tax returns. The 2006 total mill levy for Stapleton is 120.326.

What schools will serve the South End Row? Beginning in the 2006-2007 academic year, students will attend Westerly Creek Elementary at 8800 East 28th Avenue (Early Childhood Education to Grade 3); a new school opening in August at Montview and Central Park Boulevard (Grades 4 to 8); and George Washington High School 655 South Monaco Parkway (Grades 9 to 12). Other schools nearby include the Odyssey Charter School (K-8); Denver School of Science and Technology (9-12); and the Denver School of the Arts (6-12).

Can I rent out my live or work space? According to the City of Denver, no. The zoning definition 59-2(159) of Live/Work Residential is a combination of residential occupancy and commercial activity located within a dwelling unit. The intent of this definition was to limit the use to commercial activity by the occupant(s) of the dwelling. The definition, in specifying a dwelling unit, differentiates it from functioning as two separate units.

How do I reserve a home? Contact Bryan Uhl at 303.246.8818 or email him at uhl@kentwoodcity.com .

How do I get pre-qualified? Because South End Row is a unique project, New Providence Company has established a relationship with Wells Fargo Private Client Services to pre-qualify interested prospects and provide unique mortgage financing products and service. Representatives from Wells Fargo will be available at sales events to answer questions about financing options for live/work. A pre-qualification letter can be obtained from: Michael Tapp, Private Mortgage Banker, Wells Fargo Private Client Services at 303-863-5210 or michael.tapp@wellsfargo.com.

Are there unique tax benefits to live/work? Yes. If you're self-employed and work out of an office in your home, and if you satisfy the strict rules that govern those deductions, you will be entitled to favorable "live/work" deductions-that is, above-the-line business expense deductions. In addition, Stapleton is within Denver's Urban Enterprise Zone, giving businesses the potential to save on their Colorado business income taxes each year. Of course, a tax or legal advisor should be consulted to answer specific questions. But, to help prospects and purchasers understand the unique tax benefits of live/work we have consulted an accounting firm. Representatives from Fay, CPA have researched the provisions of the tax code as it pertains to live/work and will be available at our sales events to answer questions. Or, you may contact Brian Chase, CPA, President, Fay CPA, at 303-573-9219 or brian@faycpapc.com.

For more information, please contact: Bryan & Kris Uhl uhl@kentwoodcity.com 303.246.8818 www.southendrow.com

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