Government plans to make good on its promise to Dart Real Estate from the NRA agreement’s third amendment to introduce air parcels legislation.
At last month’s Royal Institute of Chartered Surveyors (RICS) conference, Premier Hon. Alden McLaughlin announced government is bringing forward legislative amendments that will facilitate the registration of volumetric parcels, also known as air parcels.
This legislation will allow for the creation of register-able, marketable, freehold title to new parcels of land over and under public roads, crown land, and other lands.
In the NRA agreement’s 3rd amendment, signed last May, government agreed to transfer the newly-created parcels above West Bay Road and the realigned Esterley Tibbetts Highway to Dart Real Estate. The law will allow Dart to subdivide, transfer, develop, or lease the new parcels.
In the agreement, Dart committed to undertake US $400 million in new real estate projects once the air parcels legislation is enacted.