Assemblage

Assemblage Definition

Assemblage is the combining of two or more parcels of real estate into one larger parcel.

Explanation

The term “assemblage” is most commonly used in new construction when developers and/or builders purchase several adjoining properties with the intention of building residences at a higher density that is currently present.

An example would be when a builder purchases three older homes, which are located on sites that would allow for more homes when combined. The builder intends to demolish the three older homes, and then build new homes or condominiums at a greater density, meaning that the end result would be more than three livable residences.

The three properties are usually more valuable after the original residences are demolished, and this is called plottage. This increase in the land value is what often leads to the newly assembled property being sold several times before homes or condominiums are actually built on the property.

Jim Eyre

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