(2) The parcel of airspace created by the plan is decentralized and may be transferred, leased, pledged or otherwise treated in the same manner and form as other lands registered under this Act. The acquisition of airspace can be worth millions of dollars. For example, a developer who builds a residential tower in the downtown core may increase the tower`s area ratio (FSR) by acquiring the rights to the airspace of neighboring properties, often bypassing strict zoning laws. Good examples are in New York, where developers are building exceptionally tall and thin towers by transferring density from neighboring lots. 2. The Clerk shall examine the application and the airspace plan established in support of the Application and, if satisfied that they are in order and in conformity with this Act, assign a current deposit number to the plan and register new inalienable titles on the parcels of airspace. 145 An estate or interest in a parcel of airspace, if held separately, must be assessed separately for the purpose of imposing all types of rates, assessments and taxes that may be deducted from land and improvements by any law. (2) Despite subsection (1), the Lieutenant Governor of the Council, on the recommendation of the Minister responsible for the administration of the Transportation Act, may authorize a municipality that has a legal right of ownership on a highway to establish parcels of airspace and to treat them in accordance with this Act. Section 138 of the Land Titles Act allows landowners to treat their airspace in the same way as land by separately recording their claim of space over their land and buildings. This space is called a set of airspace. In airspace development, the term “Remainderman” refers to the owner of the land and the underlying buildings under the aerial parcel.
Allyson Baker, a lawyer with Clark Wilson LLP in Vancouver, regularly helps condominium companies understand their highly complex airspace package agreements. According to Allyson, “The global airspace agreement is recorded on Strata Corporation`s common ownership index, and any additional agreements are also recorded. The airspace agreement should include a volumetric plan showing the 3D profile of the building, mechanical equipment, utilities and boundaries, and in particular the conditions of servitude and all agreements. These are the most important because they will identify the obligations of each party to the airspace package. The complication is that agreements often do not have a clearly defined timeline for obligations and fees and their division, so the parties often assume that they know how high the cost allocations and obligations of the parties are; (a) its lateral boundaries consist of vertical or inclined areas corresponding to or within the boundaries of the individual parcel referred to in point (b) of Article 143(1); (b) includes one or more parcels of airspace comprising or including airspace, and another example is when the airspace above a listed vessel is sold to a developer; which then builds beyond the existing building. Locally, in Vancouver, the Telus Garden layout has cantilevered sections that extend across the street into the public airspace and challenging strict downtown zoning regulations. (b) the land to which the parcels of airspace belong is designated as a single parcel in a plan of subdivision or a reference plan filed in accordance with this Act. Separate titles for the residential and commercial components of the building create a number of practical advantages. The actual division of residential and commercial elements often facilitates the delineation of the distribution of costs for non-shared building elements.
In order to address matters of mutual interest and, as a general rule, to meet the requirements of the municipality and the building code, the proponent, with two or more titles of ownership of the residential and commercial parcels, enters into a multi-easement agreement on the airspace in a form approved by the municipality. The agreement provides, among other things, for mutual easements between owners for pedestrian access, vehicle access, service connections, fire and emergency systems, structural support, future construction work, maintenance, repair and use of other common construction services such as sewers, garbage, water and electrical services. .