Representative Air Rights Assignments

Air Rights Over CBD Public Parking Garage

Valuation of the individual elements of a vertical subdivision including a land condominium unit; a condominium unit containing an existing 1,100 car parking garage; and the air space condominium unit atop the garage structure. The assignment included performing a market study and a sensitivity and feasibility analysis to assess the influence on the value of the parking garage if the additional development to occur within the airspace  was office space versus 300 residential condominium units. 

Air Rights over Metro Station

Valuation at highest & best use of the airspace above  the Lexington Market metro station.

 Waterfront Air Rights Parcel

Valuation of the leased fee interest in the unexpired portion of a 99 year lease of air rights over a waterfront parking lot serving an apartment complex that  improves the adjacent parcel. 

Valuation of Air Rights for Mixed Use Development 

Hentschel was retained to evaluate the market for and financial feasibility of mixed use development that would optimize the value to the owner of the air space above the 2.71 acre footprint of the fifty year old 1,200 car Lexington Market Garage that was located opposite the historic market in downtown Baltimore’s Westside Renewal Area. The airspace could accommodate the development of  up to 1.65 million sq. ft. of office, residential and retail space