Condo/ Homeowners’ Associations and Cell Sites
Steel in the Air regularly assists condo and homeowner associations with the evaluation of proposed rooftop antenna lease agreements from cellular or wireless carriers. As fiduciaries for their constituents, condo owner association (COA) boards and homeowner owner association (HOA) boards have a duty to review proposed agreements to make sure they are fair and truly benefit the association.
Compared with other private landowners or property owners, COA’s and HOA’s are responsible not only for reviewing the proposed rooftop antenna lease rate, but also any detrimental impact the proposed cell tower site or rooftop antenna may have to your residents.
Our years of experience and industry expertise enable us to thoroughly review proposed rooftop lease terms and assess whether the proposal is commensurate with other leases in the area or across the country. Our assessment is based on the availability of alternative sites to determine whether your property is unique, preferred, or simply like every other in the area. If your property is unique, we can review how aggressively your COA or HOA can negotiate before the carrier simply chooses not to build the cell tower or rooftop antenna site. If the property is preferred but there are other options, we can determine at what point the wireless carrier will simply move on to another property. If your location is similar to other properties in the area, then the fair market value of that rooftop antenna lease will be based on what your neighboring communities are charging.
Because condo and homeowner’s associations effect numerous residents, the board may be required to document exactly what the association is legally required to do in order to lease property to a wireless carrier for a rooftop antenna or cell tower. If your COA or HOA is evaluating a proposed cell site or rooftop antenna lease, you need to know upfront all the legal responsibilities and obligations you are agreeing to incur when you sign.
Our valuation includes:
- An examination of the relative value of your rooftop to specific wireless carriers.
- A written analysis that can be distributed to board members or to the members of the association for review prior to voting on a proposed lease agreement.
- Comparable lease data from other similarly situated properties and an analysis on whether revenue sharing or subletting is appropriate.
- An evaluation of escalation rates, option payments, and/or signing bonuses.
As an additional service, Steel in the Air can be retained to review the proposed construction plans and blueprints to determine whether or not the subject installation will unduly limit future potential for additional wireless users.
Unfortunately, we cannot market your property to additional wireless tenants.
Please contact us to discuss your specific situation and receive a free estimate of our cost and services. We can also provide references from other condo and homeowner’s associations that have used our services.
If your condo or homeowner’s association needs assistance with reviewing a cell tower or rooftop antenna lease strictly from a legal perspective, please contact our affiliate, Cell Tower Attorney. They can help you negotiate a new cell tower or rooftop antenna lease or review any existing cell tower leases.