A sectioned strata corporation is designed to separate a building with different uses and components. They are commonly grouped into two categories: residential and commercial sections. There are also strata corporations that consist of both sections (residential and commercial) where the strata corporation is responsible for maintaining the common area shared by both the residential and commercial sections. Strata corporations or sections can also be divided further into types, such as high-rise condos, low-rise condos, or townhouses. A section is a separate entity within the Strata corporation and can operate independently from the other sections. Most strata complexes or developments are solely residential or commercial; however, mixed-use developments are becoming increasingly popular. These types of developments are often focused in downtown cores or city centres where there is a demand for higher density residential buildings and commercial, retail, and/or office space. This is due to the desire and efficiencies for individuals to live and work in the same community without a long commute.
In mixed-use buildings it is common to have commercial space on the ground level(s) and residential units above, but there are also buildings that feature a mix of commercial spaces such as retail space and office space. Mixed-use buildings can be mutually beneficial for residents and tenants because they offer a sense of community, create convenience, and generate regular business.
Although there are many benefits, there are also many complexities. Managing mixed-use strata corporations can be extremely difficult and complex, as they are more intricate and require a special set of skills. Keeping residents and tenants happy, maximizing profit, managing separate bylaws, maintaining common property, and allocating expenses are just a few of the many challenges.
At CENTURY 21 Prudential Estates (RMD) Ltd., we understand that stratas can be complex. Our experienced strata management team is here to help your strata corporation navigate through the complexities that mixed-use strata corporations have to offer. Enjoy a wide range of strata management services for all types of strata corporations – from finance and maintenance planning to building operations. Learn more about our strata management services by visiting www.century21pel.com/strata/ or request a free proposal to get started!
