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What Are Real Estate Entitlements?
San Francisco-based real estate executive Gino Canori serves as an executive vice president of Related California. For more than two decades, he has been responsible for market-rate, affordable, mixed-use, and mixed-income real estate projects at the San Francisco company. Gino Canori handles all aspects of the design and development process, including entitlements.
Entitlements refer to the legal process by which landowners and real estate developers are provided with governmental approval for their development plans. Moreover, they refer not to one specific approval, but a set of approvals administered by a variety of departments and offices. Some common examples of entitlements include rezoning, use permits, and utility approvals.
Developing a vacant piece of land or improving a property that is already in use, for example, would require a real estate entitlement. Depending on the scope of the project, the extent of the necessary entitlements that a property owner would need varies. A relatively simple project of replacing an old building with a new one may not require many entitlements, but developing a parcel of vacant land into a single-family home would.
While the specific process of getting entitlements differs from municipality to municipality, most townships and cities have a master plan. This plan details how the government aims to grow and develop the city. It also impacts the entitlements needed since some projects fit into these master plans more effectively than others.
Friday, April 2, 2021
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