What is Land Assembly? A land assembly is combining adjacent lots into a larger land parcel for the purpose of developing the land into a new development.
Why Land Assembly is Necessary? The lack of suitable large land parcel in Greater Metro Vancouver and Fraser Valley has resulted in many municipalities and developers looking for redevelopment sites. The assembled lots are rezoned from low density single family lots into multi-family zoning for higher density townhouse and condo developments.
Land Assembly Is a Windfall For Owners? As part of a land assembly, home owners are able to sell their homes at prices that land parcel generate the best and highest use after rezoning.
Official Community Plan (OCP). A land assembly is prompted by the OCP for the area as proposed by a local municipality that controls the redevelopment plan for the area. The timeline for a land assembly to rezoning and issuance of a building permit can take from 1 to 3 years.
Below Is The Land Assembly Process
- Listing and marketing the land assembly to a potential Buyer/Developer
- Offer negotiation, acceptance and subject removal which include plan Submission, geotech & environmentals, arborist study, etc.
- Subject removal and complation