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A FEW PROPERTY DEVELOPMENT TERMS
ОглавлениеSome jargon is inevitable when talking with real estate professionals or city officials. Here are some key terms:
Site: A property where you propose to develop or build your project. It could be empty land or have an existing building. Think of it as shorthand for “project site.”
Leasehold Improvement or Tenant Improvement: A remodel or improvement of an existing building for the benefit of the tenant. Tenant improvements are largely interior work but adding new entry doors or windows to the exterior is common.
Use: In real estate and permitting jargon, “use” refers to the type of entity or activity the location contains (e.g., dental office, retail store, apartment, etc.). Use is determined by local code officials.
Zoning: The aspect of land use that categorizes land by desired use and other features and then maps these zones within the municipality. Zoning is what (hopefully) keeps factories from being built next to houses. Again, this is determined by the municipality and is almost always predetermined.