The Real Deal Miami

Air rights sales double in 2014

Historic buildings qualify for transactions, putting churches in profitable position

December 04, 2014 10:45AM

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First Presbyterian Church Miami

Historic First Presbyterian Church Miami

Air rights sales more than doubled in 2014, with 18 transactions so far — 10 more than in 2013.

The transactions, in which the owner of a shorter property sells the unused square footage above the property to a high-rise developer, have reportedly become increasingly popular since the first such sale in 2011.
They’re also known as the transfer of developmental rights.

Buildings that are designated historic or are within a historically designated district qualify according to the city’s zoning code, which puts churches in a profitable position, according to GlobeSt.com.

Revenue from the sale can then put back into maintaining the building’s historic character.  [Miami Today] – Katherine Kallergis

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