What is the process of assemblage in real estate?

Assemblage in real estate refers to the process of combining multiple parcels of land into a single larger parcel under one ownership. This practice is often carried out to enhance the value of the combined land, allow for more efficient development, or create a larger space for commercial or residential projects. By consolidating smaller, individual plots, a developer can usually increase the overall utility of the land, streamline development processes, and potentially achieve economies of scale.

The act of assemblage contrasts significantly with other real estate concepts, such as dividing large plots into smaller lots or negotiating land prices with multiple owners, which do not capture the essence of bringing together separate properties into one cohesive unit. Developing property without permits also falls outside the definition, as it pertains to regulatory compliance rather than the act of combining parcels. Thus, the correct understanding of assemblage directly aligns with the notion of merging different land parcels to improve development potential or land use efficiency.