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Frequently Asked Questions
When will the units be ready for occupancy? Three units are already occupied. The remaining unit is completed "shell" space ready for customized fit-up.
How does a condominium work? Under condominium ownership, an owner enjoys absolute ownership of a unit in a multi-unit building, plus a percentage interest in the ownership of the common elements (such as the exterior walls and roof, the parking lot, the utility room, etc.), which are owned jointly with the other condominium unit owners. Legally, a condominium unit is a piece of real estate like any other, and it can be freely sold, mortgaged, or leased. But, to ensure harmonious co-ownership and to protect property values, condominium ownership and use is subject to certain rules, conditions, and other important matters detailed in a legally recorded Declaration of Condominium and in the By-Laws of the association. Every unit owner is a member of the condominium association, which has specified powers and duties to manage the condominium. The unit owners elect a board or an executive committee to carry out the association's duties. The executive committee prepares an annual budget for approval by the owners, and monthly assessments are billed to each owner to cover the budgeted expenses.
How much are the monthly condominium fees? The condominium association has adopted an annual budget that calls for annual fees of $0.75 per square foot of "footprint" (ground floor) space, which is collected in monthly installments. So, the fee for Unit 2 would be 13,586 sq. ft. X $0.75 / 12 months = $849 per month. This covers snow removal, landscape maintenance, common area maintenance and reserves, property insurance, among other things.
What utilities are available? Each unit will be served with municipal water and sewer, LP gas, and electricity. Telephone and broadband service are available in the utility room for connection to each unit through dedicated conduits. (Because users' needs vary greatly, telephone, and data wiring is not included with the unit.)
What is the zoning and what uses are permitted? Derry Business Center is located in the "Industrial VI" zone, which permits a wide array of uses, including light manufacturing, office, R&D and warehouse/distribution.
What are the parking arrangements? Derry Business Center has ample parking available. There are 150 total spaces planned. 115 spaces are assigned to unit owners (about 2 spaces per square foot) and 35 spaces are unassigned.
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