THE LANDMARK DETAILS
How many residences are there at The Landmark?
There are 271 total – 130 in The Landmark West and 141 in The Landmark East.
Can I use all of the amenities in both buildings?
Are there extra parking spaces available for purchase or lease?
No, but there is additional parking in the central garage for visitors and guests.
Does each residence at The Landmark have assigned storage?
Can I buy my residence furnished?
No, but we can certainly connect you with designers who can help you complete your vision.
Is there a one-stop shop for all things about The Landmark?
The Landmark has a resident website that is your resource for all things about The Landmark, including not just things like governing documents and contact information for staff , but also a place to register a maintenance request, reserve a guest suite or a public space in the building for an event, and find out about special events both in The Landmark and nearby. This website is landmarkgreenwoodvillage.com, and you will get a log-in when you close on your purchase.
THE LANDMARK RETAIL & SURROUNDING AREAS:
What is the best way to find out what is happening at The Landmark and the surrounding areas?
The resident website mentioned previously has quite a bit of information about regular weekly events, events sponsored by the
social committee and other events around town. You might also check out the website of the Greenwood Village Chamber of commerce or VisitTheLandmark.com for other events.
Are there special deals for The Landmark residents at any of the local businesses?
Yes, from time to time, businesses at The Landmark and in Greenwood Village provide special offers to residents, including discounts and free delivery. The resident website has a listing of these, and they may be sent in an email from time to time.
How large is the retail component of The Landmark community?
It is approximately 170,000 square feet, including The Landmark Theatre, Comedy Works, Jing, Pizza Republica and HW Home, just to name a few. For a complete directory of businesses and links to their websites, please visit our website, VisitTheLandmark.com.
What percentage of the retail space is occupied at The Landmark?
Approximately 73%. The most recent additions are Espresso Americano, Palate Food + Wine, Bad Daddy’s Burger Bar, Upstairs Circus, Cycle Bar, Early Bird and Scissors and Scotch. We are actively marketing the remaining spaces for lease, so stay tuned for new businesses coming to the neighborhood.
Who is handling the property management and leasing of the retail businesses at The Landmark?
East West Partners is involved in all of the retail, but has brought in Sognare Partners, a boutique retail leasing company specializing in unique concepts, to assist with leasing. Jonathan Schneider and Ross Etheridge work together on this team. The retail is managed by the same company that manages the residential HOA, East West Urban Management.
What is happening with that vacant lot adjacent to I-25?
This lot is currently being marketed for lease. It is our thought that it is most likely to be a restaurant. The lot is currently zoned to include a 10,000-square-foot, single-story building as well as additional parking.
What is happening with the land to the south of The Landmark?
Because we do not own this parcel, we can’t really say for sure what might happen there. The landowner is Century Communities, who at last check, plans to build 104 townhomes, and potentially some stacked flats, which could mean additional height, but so far both are consistent with the last approved zoning plan. The City of Greenwood Village is looking at the area as a whole, and the plans may change. Any development that increases beyond what is currently zoned, which is up to five stories, would require City Council action. If the development of this parcel and the resulting buildings are important to you, we recommend that you consult the city of Greenwood Village to understand current plans and their thoughts as to future development. The Residential HOA board is another great resource, as they are actively following the latest developments through the City Relations Committee.
HOMEOWNERS ASSOCIATIONS (HOAs):
How are the HOAs structured?
There are three associations in the neighborhood, but only two of them are relevant to you as a purchaser at The Landmark. The first is a master association, which encompasses the entire community, including the two residential buildings and the entire retail area. This association is responsible for maintaining the larger community, including the private roads, landscaping of the common areas, the parking areas and so on. It has a board of five directors who represent both residential and commercial interests.
The second association covers all of the retail areas in the multi-story section of the retail area where Landmark Theatre and Comedy Works are. This association really only impacts you as a homeowner in that there are certain shared easements where this building connects to The Landmark West Tower.
The third association is likely the most important to you, and that is The Landmark Towers Condominium Association (Residential HOA), which is the association that covers all of the residential activity in the two towers. The retail in the two towers is actually not part of this association but instead is part of the master association, so it is separately governed.
Both buildings are managed under this single Residential HOA, with a single management company and central staff that floats between both buildings. The association provides for the common areas of the buildings and the parcels of land that they are located upon. In December 2014, this board expanded to five members who were elected by the homeowners.
What is the voting and expense allocation for the Master Association – what % for residential and what % for retail?
The residential towers pay what amounts to about 5% of the master association expenses, and that amount is paid by the Residential HOA and then included in the residential dues you pay each month. The Residential HOA appoints one seat, the building that houses the theatre gets one seat, and three other at-large seats are elected by the members, which include all retail owners and the Residential HOA in the community collectively.
What will my HOA dues include?
The Residential HOA dues include all of our amenities and concierge services (as listed in our brochure), engineering services, parking, water, sewer, trash, gas, recycling, snow removal and common area property maintenance. These association dues also include payment of the Residential HOA’s dues to the master association as mentioned above, and therefore you do not need to make a separate payment to the master association.
What are “engineering services”?
The Residential HOA has an Engineering Department that provides assistance with ongoing maintenance and basic repairs associated with each residence. Services include regularly scheduled replacement of air filters, changing of light bulbs, inspection and assessment of common plumbing problems, and assistance of installation of wall hangings, including pictures. The services above are provided at no additional cost to the owner, with the exception of the cost of any supplied part being replaced. If the repair exceeds the scope of services offered or requires a licensed professional, the Engineering Department will gladly recommend a preferred vendor. Please reference the association’s Residential Handbook for a complete list of services provided by the Engineering Department, as this is just a selection of those services.
What additional costs will I be responsible for as an owner?
In addition to individual Residential HOA dues, each homeowner is responsible for their home’s electrical service, communications (cable, phone and Internet), insurance, property taxes, and maintenance and repairs above and beyond the engineering services mentioned above.
Is the Residential HOA healthy?
The Residential HOA completed a reserve study in late 2014, and determined that it is over 90% funded, which is very healthy. The HOA has over $2.8 million put away for whatever repairs and capital improvements may need to be made in the future. Funds continue to be set aside based on the findings of that study.
How are reserves funded for the Tower HOA?
To ensure the long-term care and beauty of The Landmark, the Residential HOA collects a capital contribution equal to three months of association dues at closing to help fund the initial reserves of the association. In addition, a portion of your regular monthly dues continues to fund this reserve in order to make sure that the reserves stay sufficient for years to come.
Will my HOA dues ever increase?
Certainly there are costs that increase over time, such as utilities for common areas and those paid for all residences, as well as cost-of-living adjustments for staff in order to make sure that we maintain the best staff available in the area. As a result, dues are expected to increase slightly over time, but owners are provided an opportunity to review and comment on the budget for each year in the fall. It is reasonable to expect at least an adjustment equal to inflation in a given year.
Does the Declarant still control the Residential HOA?
How can I get acquainted with the HOA once I have closed?
The Residential HOA has a new-resident orientation where you will be provided with a new-resident handbook, which explains much of the above and much more. There will also be a copy of the rules and regulations included. We will also provide you with a moving guide that will help you with these details of moving, utility connection, and more.
MAKING A PURCHASE:
When can I review the Purchase and Sale Agreement and the related documents?
As soon as you like! It is important to us that you have plenty of time to understand the Purchase and Sale Agreement and all of the documents discussed in the agreement, including all of the association formation documents and information about the Marin Metropolitan District. We have two options available to access these documents: electronically via a secure site known as Egnyte or via a physical zip drive.
How much is the earnest money deposit?
$10,000 is due upon receipt of a fully executed Purchase and Sale Agreement, and we can accommodate either a personal check or a wire transfer. Earnest money will be held by Land Title Guarantee Company and will be applied toward your purchase at closing.
Who is handling closing and title insurance for The Landmark?
Land Title Guarantee Company, located at 5975 Greenwood Plaza Blvd., Greenwood Village, CO 80111.
Do you have a list of lenders who have approval to lend at The Landmark?
Yes, please reference our list of preferred lenders. It is our experience that they have very competitive products and they are very familiar with working with us and the building.
Who is the developer of The Landmark?
The Landmark was developed by 7677 East Berry Avenue Associates, LP. This entity fell upon hard times and ultimately was not able to pay off its debts; as a result it is now in receivership. In September 2013, the bank that held all of the unpaid debt on the remaining residences and the retail space sold that debt to a group of two investors collectively called GV Holdings, LLC. GV Holdings purchased the debt because they saw an opportunity to restore the promise of what The Landmark could be. In order to achieve that promise, GV Holdings brought in EWP-GV, LLC, an affiliate of East West Partners, to identify a plan for resolving the remaining issues with the residential towers and the retail space, to sell the remaining residences and to lease the retail space. In doing so, GV Holdings and the existing owners of residences in The Landmark felt that the best structure was to have EWP-GV, LLC remain as a receiver, and that means that EWP-GV will consider both the needs of the owners and of the lender in making decisions about the property.
What does it mean that EWP-GV, LLC is a receiver?
As a court-appointed receiver, EWP-GV has the responsibility to consider what is best for both the owners of existing residences in The Landmark as well as the lender that owns the unsold residences. That focus is consistent with our plans to refresh, renew and revitalize The Landmark. As noted elsewhere in this FAQ, we worked actively with the exisiting owners to identify things that needed to be fixed in the buildings and have completed all of them or have worked with the Residential HOA to fix them. As we go through this process, we keep the Residential HOA and the owners informed of what we have been doing, and we have a great relationship with your board of directors as a result.
Will EWP-GV, LLC remain the receiver indefinitely?
We don’t know for sure, but we imagine that EWP-GV, LLC will remain in the receiver role at least through the sale of all the remaining residences. After that time, a different structure may be more appropriate.
What is the Marin Metropolitan District?
The Marin Metropolitan District is a special-improvement district that was formed in November 2007 to provide certain improvements for the adjacent development site, and The Landmark Towers were included in this district. This District originally had the ability to assess a mill levy on the property for both debt service and operations. Mill levies are assessments that affect the amount of property taxes paid on a property. Please see your Purchase and Sale Agreement for more disclosures about this District.
I heard that there is a lawsuit out there regarding this District. What is that about?
The Residential HOA did not feel that this District should include these towers. The remaining lawsuit in this matter challenged whether the mill levies can be charged against the owners in The Landmark because they do not receive the benefit from the improvements that the District was intended to create. In fall 2013, the court ruled in favor of the Residential HOA and removed the debt portion of the mill levy, leaving just a 1.5 mill assessment for operations, which is charged to owners in The Landmark. The District and its co-defendants filed an appeal on this case that challenges the court’s holdings on improper taxation issues and the injunction on the imposition of taxes against the property owners. In April 2016, the Colorado Court of Appeals ruled in favor of the Residential HOA, and therefore only the smaller 1.5 mill assessment remains. The District and its co-defendants filed an appeal to the Colorado Supreme Court in June 2016. In November, the Colorado Supreme Court granted the appeal on portions of the case. The briefing provided on both sides of the matter could take through the end of 2016, but it is possible that oral argument would not occur until Summer 2017. The grant of a Writ of Certiorari neither indicates that the Colorado Supreme Court agrees nor disagrees with the positions of the defendants, but it does mean that the injunction against the levying of taxes remains in place.
At each board of directors meeting for the Residential HOA there is a discussion of the status of the case. In addition, all of the filings in the case are posted on the Residential HOA website for review by interested homeowners. Finally, there is an addendum to the Purchase and Sale Agreement that addresses the latest information about the cases. Please consult this and let us know if you have any questions.
What happens if the Towers HOA wins this case?
We are not sure, but if the remaining case is won by the residential HOA, the District could be forced to remove The Landmark from assessment, or the court could just keep things as they are, where only 1.5 mills are charged. Please review the addendum to the Purchase and Sale Agreement or contact us for the latest updates.
What happens if the Towers HOA loses this case?
We are not sure, but it would likely result in all of the levies increasing back to the 2013 ruling. This would mean that the property taxes for owners could rise back to former levels (59.5 mills), or certainly higher (there is a maximum in the service plan of 69 mills). There is also a possibility that the taxes could be assessed for 2013 or 2014 or 2015 as well, although even the defendants agree this is unlikely. At this point, we don’t know. Please review the addendum to the Purchase and Sale Agreement or contact us for the latest updates.
CONSTRUCTION DEFECTS AND WARRANTY ITEMS:
What were the primary known construction defects in the buildings?
In the past, there were two significant defects in the buildings that had been concerns, which impacted individual residences. The first of these related to the heating and cooling, or HVAC, system. In The Landmark East, when the building was initially constructed, dampers were not included in the HVAC system. Dampers are air-flow controllers, and they are used to balance the airflow of heating and cooling between rooms in your residence.
The lack of dampers in The Landmark East was not a safety issue, but was not code compliant. As a result, we analyzed each floor plan type with our consultants, and installed those dampers in each residence balancing the system. This issue was resolved for all residences in The Landmark East in 2014.
In The Landmark West, some of these dampers were installed, as well as other air-flow balancing mechanisms, and therefore the residences could be balanced in some cases, but not always efficiently. We have completed the final repairs this summer on residences where the owner wanted additional work completed.
The second significant defect related only to The Landmark West, where the electrical service to each residence was inadequate, and we believe it might not have been to code. We provided additional supplementary electrical service to each residence, and moved the HVAC unit over to this new service such that total service to the residence not only complies with code requirements, but exceeds the total service promised initially to owners. That work was completed in March 2015 and signed off by the State of Colorado.
Are there other concerns with the buildings?
In addition to items determined to be construction defects, the Residential HOA provided a list of other items that it believes should have been addressed. We have been working through this list one by one, and either we or the management company on behalf of the Residential HOA are resolving each in order to make the buildings the best places they can be. These last items were completed in March 2016.
In addition, we have brought in a new management company to manage the buildings, with the goal of improving customer service and maintenance response times, and to continue to refresh, renew and revitalize The Landmark.
What is the process if I find something wrong in my residence?
You will be provided an opportunity to inspect your residence prior to closing. We recommend that you bring in a licensed inspector for this process in order to ensure that you learn as much as possible about what might be wrong, as the inspector can often provide helpful hints about how to use things properly in your residence to ensure long life of building systems and appliances.
Please provide a report of anything that you believe is not working properly or needs attention to us during your inspection period, and we will respond to you regarding how we would address it. Any items that we agree are to be fixed we will complete as soon as possible, hopefully prior to your closing. However, please understand that it is possible that we won’t be able to complete some items if we can’t get a part in time or there are delays from a service company. We will do our best. If not, we will stay in touch about the schedule and will work with you in coordinating with your move, etc.
Things happen. Even the highest-quality appliances have issues, or we may have missed something. If you notice something is not working or doesn’t seem up to standard, we want you to be satisfied. Many items are covered by your home warranty, which is provided by American Home Shield. Please consult this warranty first, as your warranty provider has a local account executive as well as a 24/7 customer service line and website where you can place a service request for an appliance or other systems in your home. If your request isn’t covered by your warranty, please report the issue in BuildingLink (you will get a log-in at your new-owner orientation), and we will see what we can do to get things taken care of.
Because this is a common-interest community, you may find that things in common areas need attention as well. Any concerns with these items should also be reported through BuildingLink. They will go into a system and be routed to the appropriate person for completion.