What is the process of Assemblage in real estate?

Assemblage in real estate refers to the process of combining two or more adjacent properties, often to increase their overall value or utility for a particular purpose. By merging these parcels, a developer can create a larger, more valuable piece of property that can be used for various applications, such as commercial development, residential projects, or other purposes that benefit from the increased land area. This approach is often utilized to capitalize on zoning benefits or to enhance the functionality of the land for specific development goals.

In this context, the other options do not accurately describe the process of assemblage. Dividing large parcels into smaller lots refers to the opposite action, known as subdivision, which is focused on decreasing the size of parcels rather than combining them. Renovating a property, while it can increase value, is not related to assemblage but more to the process of improving an individual property. Developing commercial properties refers to the broader concept of constructing new buildings for commercial use and does not specifically address the act of combining parcels of land.