Creation and acquisition phase of complex downtown condominium project completed.
MacDonald Illig attorneys Jack Mehler and Jay Alberstadt represented Erie Downtown Development Corporation (“EDDC”) in the formation of the Fifth & State East Condominium out of five historic buildings located on multiple parcels of real estate owned by the Erie Art Museum. The project resulted in the creation of twenty-three condominium units, fourteen of which were then conveyed to affiliates of EDDC for future development. Since EDDC and the Art Museum each desired to own only portions of the existing multi-floor buildings, a condominium was the only viable form of shared ownership. Multiple unique limited common elements and cross-easements had to be created to resolve access and shared utility issues. Traditional division of exterior maintenance expenses among all units in the condominium was not desired by the parties, so a scheme for such expenses to be shared on a building-by-building basis was developed. Following the closing of the purchase of the Development Corporation’s units, EDDC president John Persinger commented “Things are moving in the right direction downtown, but it is taking a team effort to push things forward. We appreciate MacDonald Illig being part of that team."
MacDonald Illig will continue to represent EDDC in the eagerly anticipated redevelopment and sale or leasing of its units in the condominium. For more information about this project or your real estate development needs, contact either Jack Mehler at email@example.com or Jay Alberstadt at firstname.lastname@example.org.