In 2015, Fortis proposed a review of the LICH area, but the city council, citizens` groups and local councillor Brad Lander rejected the plan. People are not as opposed to air rights as they are to what they see as unreasonable. If you have a quarter that has a small building, but the zoning by-law would allow for a larger building, then you might be angry with a tower next to you. Or you have a property that gets a nice sunlight, which is now in the shade of a larger building nearby. What would better regulation of surface mergers mean for municipalities? The development of the river park will create more than one million square metres of living and community space on this 4.6-hectare site. The development includes seven buildings: River Park 1, 2, 3, 4 and 5, as well as the Polhemus Townhouses and Polhemus Residences. Most aviation rights transfers benefit only the authorization party financially, as the owner receives money from the sale of his flight rights. However, in some zoning districts, a portion of the proceeds from the sale of air rights goes to a foundation for the improvement of the public sector. This is happening, as has already been said, in the Theatre sub-district, in East Midtown and near the High Line. Photo 6 shows the proposed River Park development with important zoning information for each site and Zoning Lot based on marketing materials published by Fortis.
Photo 7 shows a shorter building in river Park 2 based on zoning diagrams transmitted by dOB. Photos 8 and 9 illustrate the ZLDA and Easement chords used for the development of River Park. The author has recently been involved in a situation highlighting the above problems. A national convenience dealer had to modernize and expand a long-owned store at a valuable reported intersection. It turns out that the owner of the adjacent land was closing his store, which also lasted a long time. It was therefore an ideal destination for the retailer`s acquisition, followed by a major consolidation for the consolidation of the combined package. The problem was that the owner was not interested in the sale because of the high level of capital gains tax that would result. However, he was willing to participate through a long-term basic rent agreement, as this would avoid tax breaks. Had these recommendations been in effect in 2015, it is likely that the legislative proposal for River Park 3 and 4 would have led to shorter buildings and a more equitable distribution of the base area based on the type of land use.