MMC recorded an Amendment to the Revised CCRs today. Some of it looks like legal and title housekeeping, officially bringing the 22nd floor into the project. The surprise is that Phase 4 is specifically listed as Annexable Property and NOT brought into the project at this time (floors 1-3, 4-6 along Second Street, and the penthouses on floors 23-24). If you really want to follow this through, here are the other documents you will need:
Merged CCRs (different than revised!)
The building section on Phase 4 will give you the best view of the phasing, and Phase 4 is what is the new Exhibit B Annexable Property. What do you think is going on?
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I am friendly with one of the big kahuana’s who is/was involved in the Montage. When I mentioned the amended CC&Rs and the fact that the penthouses and floors one through six had been removed from the HOA, he/she made the following statement:
The penthouses are NOT done. They have wooden subfloors and there are major problems with them.
I cannot vouch for the accuracy of this statement. But I do trust the source and he/she has not mislead me the past.
bf
“Downtown loses key patrol service” is the front page RGJ article in today’s Sunday newspaper and it is an eye opener about the future of downtown Reno. At the end of February the City of Reno as part of budget cutbacks eliminated the Reno Police Department reserve officers downtown police patrol. The reserve officers were retired police officers who worked part-time patrolling downtown Reno, keeping police coverage on the streets and managing the homeless and street criminals problems.
This is what the laid-off reserves said about the City of Reno’s move:
→we “are worried downtown Reno will return to a haven for the homeless and street criminals because no one is on foot patrol”
→”transients are already back to their old bad habits”
→”Soon, you’re not going to be able to walk downtown without seeing panhandlers and drunks”
→”It’s going to make it worse for our economy”
→”Now it will go back to the way it was: dirty”
→”When the weather turns warmer, the problems will increase, the ex-reserves said”
→”The ultimate losers are the downtown area and businesses. The unintended consequences will be the city will now have to play catch-up cleaning up the problems”
→the reserves “made customers and tourists feel safe. Reno depends on them”
→”Martini said transients have begun to urinate on the walls of his business and panhandle in the nearby alley, making customers and tourists uncomfortable”
→Michael Ford, executive director of Catholic Community Services of Northern Nevada said, “The presence of the uniforms does indeed provide deterrence to unacceptable behavior” “It was a valuable public relations and security”
As the Montage web site quotes “Reno offers a quality of life unmatched by any other Western U.S. city. Reach urban conveniences with a few steps”. But beware, when you step outside of your new Montage condo, as you may be greeted by the new downtown Reno quality of life—the homeless, panhandlers, vagrants and criminals that await your arrival.
One of the really heinous clauses in the original and revised CCRs was signing away your right to protest or publicly object to any of the developer’s other projects within a half mile radius of the Montage (30.17). Do you think this clause is now invalid with MMC as the substitute Declarant?
I have not read the contract in a while. However I am 99% sure the marketing material mentioned a health club and other amenities.
You could be right. But what is to prevent the health club being sold to a third party or not even opening.
Remember once they are sold to a bulk owner and not part of the HOA, there is (1) nothing to prevent them from becoming run-down and (2) nothing to require them to ever sold back or incorporated into the HOA.
But something else bothers me. As I remember the floor plan, to get to a unit from the garage, you have to take an elevator from the garage to one of the floors, exit the elevator and walk to another. If floors 1-6 are not part of the development/HOA is access guaranteed?
SJ
I am wondering about a few reasons why the excluded areas may not be included as part of the “project”…
On a cynical note, could it be that these areas are not completely finished and by not including them they can have delivered a completely finished “project”? A possible means of defending against lawsuits that might be based on an “unfinished” project?
Could it be to help financing? By not including them, I would think it would be easier to hit Fannie May’s requirements for % owned. The excluded units look like the smaller, less desirable ones and the largest, most expensive ones. I would think that these might be the hardest to sell. Would I be correct in assuming that no one has a deposit down on any of these units?
Is it possible that the excluded units would be the easiest to rent out giving the bank the option to rent these ones out yet keep the renter’s apart from the owner’s? What is the apartment rental situation in Reno?
By not including them in the project, maybe they are looking at a bulk sale to someone willing to sit on them until the market turns around and only have them brought into the project when the bulk buyer finally decides to sell.
I still do not know how to interpret them. Is it definite that floors 1-6 and the penthouses are NO longer part of the HOA!
SJ
The links to all the CCRs and Subdivision Maps should be working now. A problem with the WordPress platform is that I can’t see the site exactly as you do, and links that work for me in administrator mode don’t work you readers.
The subdivision maps do not work for me using Firefox 3.0.7 for the Mac. I get the following message: “Sorry, no attachments matched your criteria.”
SJ
the subdivision maps don’t work for me using IE7. I get this message:
Sorry, no attachments matched your criteria.
Links are all working for me in IE.
none of the links for me.
SJ
If the 6th floor is not included, the HOA would not own or control the amenities of the recreation area. Corus would not be responsible for any HOA fees related to the non-included (and expensive) Phase 4 recreational area. How about: sell phase 4 to an entity that could run it as a health club: rent units on floor 1-6; Have exclusive “sky boxes” for the penthouse floors? The HOA could then pay fees to the owners to use the club area.