Air Rights, Vertical Separations and Subdivisions
Air rights—and the vertically separated parcels they often require—are a feature in most multi-story buildings with more than one use. Developers want different uses to be located within legally distinct real estate parcels. This means they can be owned, developed, financed, leased and sold independently.
Often these parcels are in the “air.” They are located above ground and depend on other parcels for support, access, utilities and other services. Buildings with multiple uses must accommodate the rights, obligations and needs of several owners—often engaged in completely different activities.
Freeborn has extensive experience representing developers and purchasers of multi-use, vertically separated or subdivided projects. We have handled engagements involving some of Chicago’s most significant buildings. Our services are designed to help clients meet their goals:
•Advising developers on structuring multi-parcel vertical projects
•Working with developers—and their architects and engineers—to define the necessary real estate parcels
•Advising developers on legal issues