Frequently Asked Questions
How many Buildings and Units are planned?
Park Modern approvals were for 7 buildings and 84 units. Buildings 1, 2, 3, and 4 are a total of 46 units. Park Modern 5 is 10 units and we anticipate that 6 and 7 will total 22 units. It is likely we will continues with development of a similar architecture, product, and density on the adjacent Parcel 5.
What is planned on the adjoining property and when will it be developed?
The Town’s Master Plan and underlying zoning allows for 155 units on Parcel 5 at a density comparable to Park Modern. We are preparing an application to the Town of Basalt for approval of a plan that we anticipate will include an extension of Park Modern or a similar product, some affordable housing, and completion of the Lake and Lakeside Trail. We expect to begin development of Parcel 5 as we are nearing completion of Parcel 4 - probably sometime in 2020.
How many parking spaces per unit?
One bedroom units will have 1 parking space and 2 and 3 bedroom will have two spaces deeded within a heated garage. There is limited guest parking in the garage and additional guest spaces in the adjacent lot and along Evans Rd.
How much storage does each owner receive?
Each owner is deeded a storage space within the heated garage adjacent to their deeded parking space. Additionally a common bike storage room is located in the garage with locking racks for each unit.
Who is the HOA Management Company?
The Romero Group, a locally owned company.
How much are the HOA dues?
HOA dues are currently $275, $412 and $550 for one, two and three bedrooms respectively per month.
What is included in the HOA dues?
Exterior building maintenance
Interior common space maintenance
Common space utilities
Parking garage utilities
Trash and recycling
Common element building insurance
Fire suppression maintenance and inspection
Common space cleaning
Building reserve fund
When will construction be completed?
Building 5 will be ready for occupancy in Fall of 2019
Park Modern 6 construction is planned to begin in late spring 2019, and Park Modern 7 is plan to begin in 2020. Each building takes about a year to construct.
What is the pet policy?
Owners may have pets tenants may not according to the rules and regulations.
Are renters allowed?
Long term rentals of an entire unit are allowed according to the rules and regulations. Rentals of less than 30 days or of a room within a unit are prohibited.
Is there a fitness room?
Is there a transfer assessment?
Yes there is a 1% Real Estate Transfer Assessment (RETA) on units up to $600,000, and a 2% assessment on units over $600,000
Who pays the RETA?
The RETA is paid by the buyer.