Mixed-Use Development: Structuring Air Rights Condominiums and Other Common Interest Community Regimes

Description

Mixed-use projects combine commercial and residential development and construction, leaving counsel with unique zoning, financing, and marketing challenges.

Counsel must address the zoning restrictions and options of subdivision of air rights and horizontal developments. Air rights may be divided into separate units of real property created by the horizontal subdivision of real estate. Two or more parties may possess separate ownership interests or rights of control over real property located in different tracts of horizontal airspace over the subjacent land. There can be more than one owner of the stack-use property, just as one can subdivide and develop side-by-side on a surface subdivision.

The determination of air interests that can be transferred is a critical issue. Development rights in airspace may be sold or transferred to more adjacent zoning lots into one new zoning lot so that the unused development rights in one lot may be shifted to the other, even when the individual parcels are separately owned.

The webinar will provide valuable insight regarding the developer's legal challenges and approaches associated with structuring and operating mixed-use projects, including zoning and administrative challenges and opportunities. It will also delve into the preferred legal structures for ownership and development of air rights and horizontal mixed-use projects.

Listen as our panel of experienced counsel reviews structuring documents for condominiums and other common interest community regimes in mixed-use developments. The panel will discuss the complex legal issues involved with different types of projects.