Land Use & Zoning
What is 'air rights' in Illinois urban real estate development?
AThe right to fly drones over a property
BThe right to develop the space above a property or existing structure, often sold or leased separately from the underlying property✓ Correct
CFAA-regulated airspace above all Illinois properties
DRights to wind energy generated above a property
Explanation
Air rights refer to the space above a property that can be developed independently from the underlying property. In Chicago and other dense Illinois cities, air rights are bought, sold, and transferred separately—a developer might purchase air rights above a historic building to build additional floors, or above a railway to build a deck development.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
EasementA non-possessory right to use another person's land for a specific purpose.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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