Innovative Development Opportunities Abound in Commercial Land Condominiums

"Condominium development has been around since the 1960s and has ramped up in recent years. Within larger parcels where multiple structures or different uses are planned, developers in the greater Philadelphia area are increasingly turning toward a newer form of joint ownership of property to develop large projects: the horizontal, or land, condominium. While the appetite for building new vertical residential condominium buildings in Philadelphia has slowed since the onset of the pandemic, many commercial developers are now considering early on whether applying a land condominium regime makes sense for integrated development projects."