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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).


Attributes
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.

Examples
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.
  1
Fig. Residential ASP above Commercial Strip

See also:

1
Fig. Excerpt from ASP Agreement

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