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Real Estate
Reply to "Oh, Chevy Chase (DC affordable housing)!"
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[quote=Anonymous]A lease describes the terms and conditions of a rental agreement. In a ground lease, the developer rents the land from the District for a term of 99 years. Typically rents for ground leases are set at market rents. In this case the developer isn't getting any kind of freebie. The developer is simply renting the District's land, instead of buying it. I would be surprised if this was anything different than what I have described. But I think it is necessary to understand this particular ground lease. Where the hell does the $1 that people keep mentioning fit in?[/quote]
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