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Plottage value refers to the increase in value of a plot of land resulting from the combining of adjacent small plots or parcels into a bigger lot.
This often occurs when companies or real estate investors acquire land from different land owners in order to create a larger piece of land for development.
For example, when 3 buildings next to each other are fully purchased for $300,000 each and demolished for a total cost of $50,000. The consolidation of the land then has an estimated value of $1m.
Plottage refers to the process of creating plottage value.
This term is sometimes used interchangeably with assemblage.
Assemblage refers to the creation of assemblage value.
It must be noted however, that the term assemblage is more often used in situations where eminent domain procedure is present.