06-27-2016, 09:28 AM
(06-26-2016, 10:06 PM)KevinL Wrote: Spotted at 107 Benton:
Not sure what you'd do with a lease on vacant land, but whatevs.
You could put a building on it. A long-term lease (50 or 100 years) would be long enough for the expected lifetime of a building (probably rental rather than condominium); if and when you get to the end of the lease term, you can either negotiate a renewal or walk away from the land (and the building).
This is not uncommon for commercial properties, where the tenant may construct a building to their own specs on the landlord's land.