Transfer of Development Rights
Transfer of Development Rights involves the process of legally transferring the development potential or rights to develop a piece of land from one property to another. This typically occurs when a landowner sells the development rights of their property to another landowner, allowing the receiving property to develop at a higher density or intensity than what is typically allowed by zoning regulations. This mechanism is often used to preserve environmentally sensitive areas or historic sites by transferring the development rights to more suitable locations.