REDEVELOPMENT OF EXISTING SITES AND BUILDINGS MARK ELLIOT & DAVID KIRK
were once a part of other tracts , you change legal descriptions for particular buildings , in violation of the lease ; you could be putting buildings in the middle of easements that were created under the original development scheme , that are easily movable from a physical standpoint , if you can move them , from a legal standpoint . What those violations mean to the owners of the newly formed tracts can vary ; the violations can be inconsequential and easily addressed , or they can create rights in a tenant or other office building owner that could impair a new development from going forward .
The final issue to address in this regard is how these densification efforts , and especially office park densification , impacts or is limited by an office park ’ s recorded covenants , which typically take the form of covenants , conditions and restrictions , or declarations of covenants and easements . Those recorded documents have legal requirements which must be complied with , and often those requirements are enforced ( or can be waived ) by a board elected by the owners of the property in the area encumbered by the declaration . Where the owner undertaking an office park densification no longer owns a majority of land or improvements , there is a risk that , because of competing interests or indifference , that owner cannot get the proposed office park densification approved by the governing body .
While owners may find it attractive to mine value from their real estate assets by creating additional density on those assets , those owners must be aware of the challenges that may come with those actions , over and above ordinary construction and development issues . Those issues arise from the already existing documents that create value in the real estate asset : the leases ; covenants ; and easements .