Innovative Development Opportunities Abound In Philadelphia Commercial Land Condominiums

The basic condominium concept is that a person or a company owns their individual unit within the condominium, and together with their fee ownership of their individual unit, the owner has a proportionate undivided interest in the entirety of the common elements of the condominium. Collectively, all of the owners in the condominium own 100% of the common elements of the condominium. Think, for example, of a vertical residential condominium tower: a person owns their own unit within the building, and all of the owners together own the common parts of the building such as hallways, the elevator bays, and the reception areas on the ground floor. Instead of paying rent to a landlord, the owner of the unit pays their own mortgage and pays condominium fees to a unit owners association established for the maintenance of the common elements of the building.

Land condominiums work similarly to their vertical and residential condominium counterparts. However, instead of spreading the condominium up into the air with units stacked atop one another (as is typical of vertical condominiums), the land condominium tends to spread horizontally with units standing apart from each other. To the average onlooker, a land condominium may appear similar to an office park or a shopping center with various owners.