700 South Flower Associates
Final Tract Map
Airspace Subdivision for Existing Property
The owners of Macy’s Plaza took an approach that is growing in favor in mixed-use developments. They subdivided the four-acre retail/commercial/hotel property into three separate uses in order to take each piece to market separately. This airspace subdivision approach to subdividing property can enhance the value, and thus the marketability, of a project—making the parts worth substantially more than the whole.
Psomas prepared and processed through the City of Los Angeles a Tentative and Final Tract Map for the three-dimensional subdivision, allowing potential buyers the flexibility to purchase the whole property or just the 26-story hotel, the 33-story office tower or the 349,109 SF retail portion.
The airspace subdivision brings more investor interest and more competition to the property. Legal agreements, recorded with the subdivision, define how the lots and uses will function once individual components are sold.