Glass House Owners Now Own All Common Space
Things are really moving up at the Glass House in Riverfront Park with an announcement this month that the Homeowners Association (aka all the owners) have purchased the remaining common space within their own building.
What common space would that be you might ask…
Homeowners already owned the great amenities on the 8th floor including the awesome Glass House pool, the club lounge, theater room and business center.
However, the space that held the Riverfront Athletic Club, the front desk, and some of the offices on the ground level were owned by an outside company. With real estate values rising on such a rapid trend and these amenities providing cornerstone services to the existing homeowners control over these spaces is certainly a nice aspect for those who live in the building.
This helps the Glass House residents and their Homeowners Association to ensure that amenities like the fitness center can be managed, maintained, and updated as they see fit. Signs on the fitness center itself announced this change along with requests for homeowners to share their feedback as the new owners (the HOA) look to improve classes, technology for scheduling classes, the variety and skills of instructors, and more. It is conceivable that the fitness center, which already has great early and late hours, could be expanded to offering 24 hour access.
I guess the point is that with control for these core spaces resting within the building future buyers and existing homeowners don’t have to worry about an external third part doing a major change that isn’t in the best interest of those that live in the building. For example, what if the owners of the fitness center discontinued the gym altogether, or there was an issue with service years down the road and they wanted to change property management companies.
Folks who live in the Glass House love the teams that have kept the building as the top caliber and most desired address in Denver. If you walk through the halls or tour the amenities you will find everything always looking immaculate. So a big kudos to all those that have been, and continue to support the Glass House.
However, the Homeowner’s Association probably realizes that all things change and the folks who are doing an incredible job today may be focused on a new city or project down the road. Acquiring these assets might just be a stroke of genius in the road map to ensuring the Glass House stays the most popular building in all of Denver.
After all, Denver is young. I am guessing acquiring these assets today makes a lot more sense than trying to buy them in 20 or 50 years.
To learn more about the Glass House and all the incredible real estate in Denver contact us today.
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