Cost & Finance

It all comes down to dollars and cents.  “Can I afford to buy my own Business Condo?”

Owning business space is not ideal for everyone.  For many, however, it is a huge benefit.  You need to consider your company’s space needs in relation to its rate of growth and development.

Bo Miles developed the concept for Tower Center Business Condos while working with clients trying to build their own offices.  By the time you buy a lot; develop the land; hire an architect, engineer, and contractor; secure bank financing; and construct the building, you have spent a large amount or all of your capital.  With Tower Center Business Condos, those costs have been divided between 12 office buildings, making it an affordable and realistic solution.

Initial Cost

A fully constructed Business Condo (a 30′x50′ unit with up to 2,250 sq. ft of space), ready for immediate interior finish out, costs $248,400.  This includes the completely developed building shell, utilities, glass storefront, exterior finish, parking lot, sidewalks, and landscaping.

Interior Finish

The cost of the interior development is completely up to you and depends on your layout and design needs.  Most offices finish out for $40-55 per sq. ft.  We are happy to sit down with you, help you identify your needs, and establish a budget so you can consider the affordability of the entire cost.

Total Cost Compared to Lease

With the initial building cost and interior finish estimate, you’re looking at an average cost of $155 per square foot and much lower once amortized out into a monthly rate. Do the math- yes, you can actually own your own space for less than renting!

Financing Options

With the current economy, many business owners are doubtful about obtaining commercial financing.  We have spent months researching and identifying financing options for Business Condos.

The best lender is always one that you have a strong relationship with.  Talk with them first to see what options are out there.  We encourage you to work with your local banker if possible.

If you are faced with high equity requirements and undesirable terms then visit with us about a loan program that we have discovered. It will not work for everyone as it has some restrictions, but if you qualify, it may be a good way to finance the purchase of your new Business Condo.

  • You must meet certain criteria to qualify for this loan, which we feel most purchasers will meet, but it looks like a great way to help make your purchase work for you.
  • You can take advantage of quick approval, within 24 hours in most cases, three day commitments and 45-day closes.
  • Get up to 90% financing for your project,  keeping your operating capital working for your business.
  • Include needed equipment, soft costs, closing cost and building improvements in the loan.
  • Receive up to 25 year fully amortized terms to lessen the impact on cash flow.
  • Obtain below market, long-term, FIXED interest rates.
  • Own an appreciable asset while lowering current real estate expenses by up to 40% instead of leasing.

This is a great time to buy! Take advantage of historically low interest rates and construction cost. Owning your Business Condominium could be a great hedge on inflation.

Condos