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Air Space Parcel (ASP)
A form of governance structure that simplifies the sharing of costs for common assets..

A "parcel" is typically a portion of a building which is designated as a self contained legal entity within the larger building.
The balance of the building, outside the parcel, is referred to as the remainder (ie., the Non-Parcel).

Listed below are some of the key attributes of an air space parcel:
  • A "parcel" is legally distinct from a "section" in that the latter is part of the same legal entity along with the other sections.
  • An air space parcel typically occupies the top floors of a building.

Listed below are some examples of air space parcel configurations:

  • A residential condo air space parcel on the 30-40th floors of a high-rise above a 29 storey hotel.
  • A residential air space parcel on levels 2, 3 and 4 of a low-rise  building, with retail below.
The cost sharing arrangements in an air space parcel are governed by an ASP Agreement and reciprocal easements.
Fig. Residential ASP above Commercial Strip

See also:

Fig. Excerpt from ASP Agreement

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