Land assembly operates on the principle that the value of the whole is greater than the sum of the individual parts. By combining multiple properties to form a larger development site, owners can realize a higher return on their real estate investment. In this segment of Land Assembly 101 we are reviewing some of the most common land assembly terms and their definitions.
The Official Community Plan (OCP) Is the vision statement endorsed by the community which outlines public policy including zoning and land use
Zoning & Zoning Bylaws Local governments regulate how land can be used and/or developed through zoning bylaws. These bylaws can be amended through the rezoning process. Rezoning requires an application, public hearing, and Council’s approval in order to be adopted.
Land Use Land use designations (residential, commercial, mixed-use etc) are mapped in the OCP. Different uses generate different land values.
Density Density refers to the building area permitted on any given site.
Floor Space Ratio (FSR or FAR) The floor space ratio is a multiplier that when applied to the site area, determines the gross buildable area for a new development. See the diagrams below.