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The Lucida condos are subject to a land lease

Started by streetview
over 15 years ago
Posts: 331
Member since: Apr 2008
And to air rights of all things from the developer who retains the first five to seven floors of the Lucida. The developer leases the land from the land owners. Developer builds the Lucida retaining the commercial spaces and residential units/services up to the seventh floor. The developer builds up from the eighth floor selling the residential condos subject to his retaining the air rights, which the condos pay for. I think if you are buying into the Lucida, you should view your purchase as a timeshare. Very similar.

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