Definition
A “Corridor” in real estate terminology refers to a long, narrow strip of land specifically allocated for the development or maintenance of critical infrastructure such as rail lines, highways, pipelines, or overhead power lines. These corridors ensure efficient and organized routing of services, minimizing land usage conflicts and maximizing utility.
Corridors are essential in urban planning and infrastructure development as they provide defined pathways for various utility and transportation systems. The designation of a corridor often involves considerations of safety, environmental impact, and long-term urban planning strategies.
Examples
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Electric Transmission Line Corridor: An electric company designates a narrow strip of land as a corridor for high-voltage transmission lines. This corridor ensures safe, unimpeded transmission of electricity over long distances.
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Highway Corridor: A state government allocates a strip of land for a new highway. The corridor not only includes the road itself but also easements for associated utilities like sewage and water lines.
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Pipeline Corridor: An oil company acquires a narrow strip of land to lay down pipelines that carry crude oil from extraction sites to refineries. This corridor minimizes interference with other land uses and allows for efficient monitoring and maintenance.
Frequently Asked Questions
What is the importance of a corridor in urban planning?
Corridors are vital in urban planning as they ensure that critical infrastructure like roads, railways, and utilities have dedicated pathways. This minimizes land use conflicts and optimizes space usage in densely populated urban areas.
How is corridor value determined in a real estate appraisal?
Corridor value is typically appraised based on its designated use rather than the neighboring land. Methods like the “Across-The-Fence” (ATF) method consider the land’s specific role in utility or transportation, providing a more accurate valuation.
Can a single corridor serve multiple purposes?
Yes, a single corridor can be used for multiple utilities or services. For instance, a highway corridor may also contain underground water pipes, sewage lines, and communication cables, maximizing the use of the allocated land.
What are the legal considerations of creating a corridor?
Legal considerations include obtaining easements or rights-of-way from landowners, adhering to zoning laws, environmental regulations, and ensuring public safety standards.
Related Terms
- Right of Way: A legal right to pass through property owned by another, often used in context with transportation and utility corridors.
- Easement: A non-possessory right of use over the property of another for a particular purpose.
- Eminent Domain: The power of the government to take private property for public use, with compensation provided to the owner.
- Urban Planning: The process of designing and regulating the use of space within urban areas, including the development of infrastructure.
Online Resources
- Federal Highway Administration - Right of Way and Real Estate
- Appraisal Institute - Corridor Valuation
- International Right of Way Association
References
- U.S. Department of Transportation, Federal Highway Administration. “Real Estate Acquisition Guide for Local Public Agencies.”
- American Society of Appraisers, “Valuing Corridors and Right-of-Way.”
Suggested Books for Further Study
- “Corridor Management: Integrating Transportation and Land Use” by Keith Machemehl
- “Infrastructure Planning and Design Handbook: Efficient, Complete and Sustainable Corridor Development” by Knox Ramsey
- “Principles of Right of Way: Acquisition and Corridor Management” by Frank Jones
