In Chicago’s Orchard Park neighborhood, a selected sort of actual property possession exists the place residents personal the construction constructed on the land, however not the land itself. This association, generally employed for residential buildings like condominiums or townhouses, grants the house owner a lease for the land beneath their property for an outlined interval, usually extending for many years. As an example, a resident may personal their condominium unit outright, however lease the bottom beneath it from a separate entity that holds possession of the complete property’s land.
This type of possession presents distinct benefits and has a singular historic context throughout the growth of Chicago’s city panorama. It may possibly supply a extra inexpensive entry level into homeownership, particularly in fascinating neighborhoods like Orchard Park, because the preliminary buy worth is usually decrease than buying each the construction and the land. Traditionally, this mannequin allowed for denser housing growth and environment friendly land utilization throughout the metropolis. Nevertheless, it additionally requires cautious consideration of the lease phrases, together with period, renewal choices, and potential floor hire will increase over time.
