Air rights sales double in 2014

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.

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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