This article originally appeared in the International Right of Way Association Sunshine Chapter No. 26 Florida in January 2023 and was written by Peter D. Waldman.
In acquiring right of way from commercial properties it often becomes apparent that some sort of cure will need to be done to mitigate damages to the remaining property. Typically, we think of cures for real estate. For example, a cure could restore parking, and access, or reestablish utilities, as a way of reducing damages to the remaining real estate.
Too many times, however, the cure being considered does not adequately address potential business damages, which might be even greater than the severance damages to the remaining real estate. It is important as a way of reducing overall damages pursuant to acquisitions from properties for right-of-way projects to also consider how the businesses on the property are being impacted. It may be that more cost savings can be achieved by a cure that addresses business damages first and real estate second.
Even better is a cure that does a good job of balancing the mitigation of both types of damage. In other words, a “Super Cure”. A Super Cure is a cure that looks at the whole property and how it is being utilized so that the property is restored in a way that balances both the restoration of the real estate and the functionality of the businesses being impacted. Super Cures are usually most applicable when the property is occupied by a long-term tenant or is owner-occupied.
As has been the theme throughout this series of Blogs it is important to consider the acquisition of property from a holistic perspective that considers the uniqueness of the property that is the subject of taking. It is important not to take a generic approach in analyzing right-of-way acquisitions. Be creative and super in doing this work.
To read the original blog post in the International Right of Way Association Sunshine Chapter No. 26 Florida, click here.
