The process of combining two or more adjoining parcels of land into one larger tract, often increasing its total value.
A conditional-use permit (CUP) allows property owners to use their land in a way that is not typically permitted within a particular zoning district, under certain conditions laid out by local zoning authorities.
A converter is an active real estate entrepreneur who changes the ownership and/or physical configuration of property.
Downzoning refers to the act of rezoning a tract of land for a less intensive use than that which is currently existing or permitted. This change aims to reduce the density of development and often impacts property values and land use policies.
Land-use intensity refers to a measure of the extent to which a land parcel is developed in conformity with zoning ordinances. It reflects how comprehensively a property is utilized within the parameters established by local zoning regulations.
Limited recourse financing, also known as project financing, involves securing loans or investments based on the projected earnings and assets of the specific project rather than the borrower's overall assets.
A model unit refers to a representative product, such as a home, apartment, or office space, used as part of a sales campaign. It demonstrates the design, structure, and appearance of units in a development to potential buyers.
An overimprovement occurs when a property improvement is valued significantly higher than the land it sits on, affecting its market value and efficiency. This commonly entails disproportionately expensive enhancements relative to the land’s inherent or potential value.
A plot plan is a diagram showing the proposed or existing use of a specific parcel of land. It includes information about the layout, surroundings, and spatial characteristics of the property.
Acreage with no added improvements such as landscaping, drainage, streets, utilities, and structures.
Redevelopment is the process of demolishing existing structures and constructing new improvements on a site. The new improvements often differ significantly from the old structures.
Rurban areas are regions on the fringe of urban development that are in the process of being developed for urban uses.
