Wednesday, November 5, 2014

Windermere becomes 3rd URA tenant

Real estate group to join Visitor Center and Starbucks

Express Staff Writer

Volunteers work at a fundraiser earlier this year at 491 Sun Valley Road, the site of the Ketchum-Sun Valley Visitor Center and Starbucks café. Photo by staff files

    Leaders of the Ketchum Urban Renewal Agency approved on Monday a rental contract with Windermere Real Estate to occupy 400 square feet of the URA-owned building at 491 Sun Valley Road, which already houses Starbucks café and the Ketchum-Sun Valley Visitor Center.
    Windermere will pay $800 per month in rent for the space. The lease is effective on Nov. 10.
    This will be Windermere’s second Ketchum location. The main offices are located at 180 N. Main St. The majority of the new rented space will be in the upstairs loft area of the building, used for office space.
    Starting Monday, Nov. 10, Visit Sun Valley’s space will drop to 200 square feet at $200 a month. Starbucks will continue to lease 1,900 square feet and pay $3,000 a month.
    All three tenants have common area maintenance costs factored into their rent, according to Lisa Enourato, Ketchum URA staff member. This includes a three-times-per-week bathroom cleaning. Enourato indicated at the Monday meeting that Starbucks employees typically clean the bathroom the other four days. Other maintenance services included in the rent are utilities, property taxes, trash service, snow removal and outdoor maintenance.
    Dan Gorham, managing broker for Windermere, asked to be able to renew his lease twice for five-year increments at fair-market value once his current lease ends on Nov. 10, 2016. Ketchum URA Commissioner Tim Eagan disagreed and asked that the language allow two-year renewals, twice, at fair-market value. He argued, with several commissioners agreeing with him, that the URA shouldn’t nail itself into a long lease, lest other uses for the space become needed in the future.  
    Gorham was concerned with inflationary rents given the shorter lease, and Commissioner Baird Gourlay suggested a write-in to the contract in which rental increases do not exceed 10 percent of the current rent. This was favorable to Gorham and the rest of the commissioners.
    Windy City Arts will prepare Windermere signage for the outside of the building, Enourato said. Gorham asked if he could have a sign on the East Avenue side of the building, rather than the Town Square side, as was approved. Enourato said he will have to go through the Planning Department for that change.
    Windermere also agreed to improve its new space, as it is “fully responsible for the cost of painting, carpeting and other remodel costs approved by the landlord,” the contract states. Solar screens on the west-facing window of the loft area will also be installed.          

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