An alley serves as a narrow lane, pathway, or passageway often situated between buildings or behind a building. It is commonly utilized for deliveries, garbage collection, or as a secondary access route.
A beltway is a highway that encircles a metropolitan area, providing access to surrounding suburban areas while also serving as a bypass to alleviate congestion in the central urban area. It is also known as a loop, perimeter, or circumferential highway.
A term used to describe the physical property and infrastructure of a business or organization, as opposed to its intangible assets or online presence.
A building lot is a parcel of land designated for building purposes, typically within a defined community, subdivision, or urban development plan. These lots are often equipped with the necessary infrastructure and utilities such as water, electricity, and sewer systems.
A detention pond is a reservoir designed to temporarily hold a set amount of water while slowly draining to another location. Principally used for flood control when large amounts of rain could cause flash flooding.
Development refers to the process of adding improvements to a parcel of land, which can include drainage, utilities, subdividing, access, and buildings. It encompasses all activities from the preparation of detailed plans to securing government permits and the actual construction.
A Finished Lot refers to a parcel of land that has been prepared for immediate construction with essential infrastructure, legal clearances, and utilities in place.
Improvements refer to alterations made to raw land, such as the addition of buildings, streets, and sewage systems, which tend to increase the value of the property.
Infrastructure refers to the fundamental public works and physical organizational structures needed for the functioning of a society or neighborhood, including roads, bridges, water and sewer systems, drainage systems, and essential public utilities.
The International Right of Way Association (IR/WA) is a professional member organization compromised of global infrastructure real estate practitioners. IR/WA provides education, best practices, and forums for discussion to facilitate real estate and infrastructure professionals in acquiring land rights.
A megalopolis is a large, sprawling urban area that consists of several metropolitan regions merging into an unbroken stretch of urban development.
Expenditures related to construction that are spent away from the place of construction. Off-site costs can include expenses associated with extending utilities and infrastructure needed to service a development project.
Physical life refers to the expected period of time during which a real estate improvement or structure is expected to remain physically intact and usable if proper maintenance is conducted.
Public Purpose is the justification that the government must establish in its powers of Eminent Domain to acquire private property, demonstrating that the property will be used for the public good.
The public sector refers to the portion of the economy that is controlled and operated by the government at various levels, encompassing federal, state, and local authorities. This segment includes government-owned or operated institutions like public schools, libraries, courthouses, public housing, and subsidized rental properties.
The right-of-way is a legal right granting passage over another person's property. This term is often associated with easements and is crucial in the context of property development, infrastructure projects, and urban planning.
A sewer system consists of a network of pipes, manholes, cleanouts, traps, siphons, lifts, and pumps that facilitate the collection and transportation of waste water and storm water for treatment and disposal.
A plot of land prepared for or underlying a structure or development. This term refers to the specific location of a property, including its geographic, environmental, and infrastructural features.
Site improvements refer to modifications and enhancements made to a parcel of land to increase its usability, safety, and appearance, facilitating better utility of any structures built on it.
A slum is a critically dilapidated residential area characterized by inadequate housing, poor living conditions, and lack of vital infrastructure. These areas often suffer from severe deprivation, high population density, and social challenges.
A special assessment is a unique tax levied on property owners to fund public improvements that directly benefit their property, such as new curbs, gutters, sidewalks, or street lighting.
A utility easement is a legal right granted to a utility company or public service entity to use or access specific portions of a property for the purpose of laying and maintaining infrastructure such as electric, gas, water, and sewer lines.
