{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/340/970/#25-recognition","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"340","topic_title":"Other Assets and Deferred Costs","subtopic":"340-970","subtopic_title":"Real Estate—General","section":{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":"Real Estate Project Costs","heading":"Acquisition, Development, and Construction Costs","paragraphs":[{"citation":"340-970-25-1","para":"25-1","html":"
This Subsection does not address the accounting for costs incurred for acquisitions of property that will be used in the entity's own operations, other than for sale or rental.
","snippet":"This Subsection does not address the accounting for costs incurred for acquisitions of property that will be used in the entity's own operations, other than for sale or rental.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a73c81e565f28c82ba8edb01d39f149e1e33cd1539fdef7af6c0712a8519eac1","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-2","para":"25-2","html":"
Paragraphs
310-20-55-9 through 55-10
provides guidance on how to distinguish between internal and external costs. The capitalization provisions of this Section for preacquisition costs apply to internally generated costs.
","snippet":"Paragraphs 310-20-55-9 through 55-10 provides guidance on how to distinguish between internal and external costs. The capitalization provisions of this Section for preacquisition costs apply to internally generated costs…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:503a86b91fe96e833d56274a4de8d845dc6280ecc32e54fd63c79a3b63ebe340","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-3","para":"25-3","html":"
Payments to obtain an option to acquire real property shall be capitalized as incurred. All other costs related to a property that are incurred before the entity acquires the property, or before the entity obtains an option to acquire it, shall be capitalized if all of the following conditions are met and otherwise shall be charged to expense as incurred:
  1. a
    The costs are directly identifiable with the specific property.
  2. b
    The costs would be capitalized if the property were already acquired.
  3. c
    Acquisition of the property or of an option to acquire the property is probable (that is, likely to occur). This condition requires that the prospective purchaser is actively seeking to acquire the property and has the ability to finance or obtain financing for the acquisition and that there is no indication that the property is not available for sale.
","snippet":"Payments to obtain an option to acquire real property shall be capitalized as incurred. All other costs related to a property that are incurred before the entity acquires the property, or before the entity obtains an opt…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:924280db85faaea5664ab512626d2ecce62a9f58bc75665cdccebcad85ca668d","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-4","para":"25-4","html":"
Capitalized preacquisition costs either:
  1. a
    Shall be included as project costs upon the acquisition of the property
  2. b
    To the extent not recoverable by the sale of the options, plans, and so forth, shall be charged to expense when it is probable that the property will not be acquired.
","snippet":"Capitalized preacquisition costs either:\n(a) Shall be included as project costs upon the acquisition of the property\n(b) To the extent not recoverable by the sale of the options, plans, and so forth, shall be charged to …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bb285e0715be7c32782fd1d538bdd276d63028c31348cfdecd5f8d0701bfd65a","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-5","para":"25-5","html":"
The view that all internal costs of identifying and acquiring commercial properties should be deferred and, in some manner, capitalized as part of the cost of successful property acquisitions is not appropriate.
","snippet":"The view that all internal costs of identifying and acquiring commercial properties should be deferred and, in some manner, capitalized as part of the cost of successful property acquisitions is not appropriate.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:de02005c07d5f4f02a89f35ed189da58646d81b25c283c9a2f7a4741d49db5de","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-6","para":"25-6","html":"
Internal costs of preacquisition activities incurred in connection with the acquisition of a property that will be classified as nonoperating at the date of acquisition that are directly identifiable with the acquired property and that were incurred subsequent to the time that acquisition of that specific property was considered probable (that is, likely to occur) shall be capitalized as part of the cost of that acquisition.
","snippet":"Internal costs of preacquisition activities incurred in connection with the acquisition of a property that will be classified as nonoperating at the date of acquisition that are directly identifiable with the acquired pr…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1f8adaf08ad11b1b73296a52610439f97a8a226ec0b03faef1bb66251f629ffe","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-7","para":"25-7","html":"
Paragraph 970-340-25-17 is also applicable in situations in which the acquired property is partially operating and partially nonoperating.
","snippet":"Paragraph 970-340-25-17 is also applicable in situations in which the acquired property is partially operating and partially nonoperating.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:62127692fd4404472898d5f85b4fd012251b0f722a82aa8f68ab5d3d994d1c27","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-8","para":"25-8","html":"
Costs incurred on real estate for property taxes and insurance shall be capitalized as property cost only during periods in which activities necessary to get the property ready for its intended use are in progress. The phrase activities necessary to get the property ready for its intended use are in progress is used here with the same meaning as it has for interest capitalization in paragraphs
835-20-25-3 through 25-4
and 835-20-25-8. Costs incurred for such items after the property is substantially complete and ready for its intended use shall be charged to expense as incurred. The phrase substantially complete and ready for its intended use is used here with the same meaning as it has for interest capitalization in paragraph 835-20-25-5.
","snippet":"Costs incurred on real estate for property taxes and insurance shall be capitalized as property cost only during periods in which activities necessary to get the property ready for its intended use are in progress. The p…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9f2338c42fe97e70c547397cf64bd377587566480975c6e533295c9ef019b7b8","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-9","para":"25-9","html":"
Accounting for costs of amenities shall be based on management's plans for the amenities in accordance with the following:
  1. a
    If an amenity is to be sold or transferred in connection with the sale of individual units, costs in excess of anticipated proceeds shall be allocated as common costs because the amenity is clearly associated with the development and sale of the project. The common costs include expected future operating costs to be borne by the developer until they are assumed by buyers of units in a project.
  2. b
    If an amenity is to be sold separately or retained by the developer, capitalizable costs of the amenity in excess of its estimated fair value as of the expected date of its substantial physical completion shall be allocated as common costs. For the purpose of determining the amount to be capitalized as common costs, the amount of cost previously allocated to the amenity shall not be revised after the amenity is substantially completed and available for use. A later sale of the amenity at more or less than its estimated fair value as of the date of substantial physical completion, less any accumulated depreciation, results in a gain or loss that shall be included in net income in the period in which the sale occurs.
","snippet":"Accounting for costs of amenities shall be based on management's plans for the amenities in accordance with the following:\n(a) If an amenity is to be sold or transferred in connection with the sale of individual units, c…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8507d75e1402e2c945310b831c78c568dffd54ef9342556ec3f170c6922f2831","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-10","para":"25-10","html":"
Costs of amenities shall be allocated among land parcels benefited and for which development is probable. A land parcel may be considered to be an individual lot or unit, an amenity, or a phase. The fair value of a parcel is affected by its physical characteristics, its highest and best use, and the time and cost required for the buyer to make such use of the property considering access, development plans, zoning restrictions, and market absorption factors.
","snippet":"Costs of amenities shall be allocated among land parcels benefited and for which development is probable. A land parcel may be considered to be an individual lot or unit, an amenity, or a phase. The fair value of a parce…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4f4ceb2a3b07cd0061e1c74a4881d85d3c7337460f7109d080ac51c5be395263","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-11","para":"25-11","html":"
Before an amenity is substantially completed and available for use, operating income (or loss) of the amenity shall be included as a reduction of (or an addition to) common costs. When an amenity to be sold separately or retained by the developer is substantially completed and available for use, current operating income and expenses of the amenity shall be included in current operating results.
","snippet":"Before an amenity is substantially completed and available for use, operating income (or loss) of the amenity shall be included as a reduction of (or an addition to) common costs. When an amenity to be sold separately or…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:aa56b9f1d5ff09efd43a5fd703e5bc8af86e94832b229d3549a997cd818d0beb","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-12","para":"25-12","html":"
Incremental revenues from incidental operations in excess of incremental costs of incidental operations shall be accounted for as a reduction of capitalized project costs. Incremental costs in excess of incremental revenue shall be charged to expense as incurred, because the incidental operations did not achieve the objective of reducing the costs of developing the property for its intended use.
","snippet":"Incremental revenues from incidental operations in excess of incremental costs of incidental operations shall be accounted for as a reduction of capitalized project costs. Incremental costs in excess of incremental reven…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c2c79f1914cc40bb9c2170edc4c237672865c830ca8cf9df160bb8db01fd0cff","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2b5690d86cb0a88adf97921353bdd1591f37583ba5a143e2c7ce2fbf5d4283bb","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"block":"Real Estate Project Costs","heading":"Costs Incurred to Sell and Rent Real Estate Projects, Including Initial Rental Operations","paragraphs":[{"citation":"340-970-25-13","para":"25-13","html":"
Costs incurred to sell real estate projects shall be evaluated for capitalization in accordance with paragraphs
340-40-25-1 through 25-8
.
  1. a
    Subparagraph superseded by Accounting Standards Update No. 2014-09.
  2. b
    Subparagraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Costs incurred to sell real estate projects shall be evaluated for capitalization in accordance with paragraphs 340-40-25-1 through 25-8.\n(a) Subparagraph superseded by Accounting Standards Update No. 2014-09.\n(b) Subpar…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:46f0f97c1a18250568d58a5a072ef6b13da6df8ad5c3a0c165ba2dde484cc9a0","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-14","para":"25-14","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0202132cc321e55ff49000941fd323ad754581e2781a78669ae4590d81be5891","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-15","para":"25-15","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9f09fa11184bf12a31f076374abeaf8c06258f850d5ee766b74e36b59c0f900d","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-16","para":"25-16","html":"
If costs incurred to rent real estate projects, other than initial direct costs, under operating leases or direct financing leases are related to and their recovery is reasonably expected from future rental operations, they shall be capitalized. Examples are costs of model units and their furnishings, rental facilities, semipermanent signs, grand openings, and unused rental brochures. Costs that do not meet the criteria for capitalization shall be expensed as incurred, for example, rental overhead. Initial direct costs are defined in Topic 842 and the accounting for initial direct costs is prescribed in that Topic.
","snippet":"If costs incurred to rent real estate projects, other than initial direct costs, under operating leases or direct financing leases are related to and their recovery is reasonably expected from future rental operations, t…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:61e806c06ce7b83b34c2c0b72d247ebdf5aa7cb2b4402372c0c496a66d45fe61","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-17","para":"25-17","html":"
If portions of a rental project are substantially completed and occupied by tenants or held available for occupancy and other portions have not yet reached that stage, the substantially completed portions shall be accounted for as a separate project. Costs incurred shall be allocated between the portions under construction and the portions substantially completed and held available for occupancy.
","snippet":"If portions of a rental project are substantially completed and occupied by tenants or held available for occupancy and other portions have not yet reached that stage, the substantially completed portions shall be accoun…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:078c2de636d1237f8c594c11c66646b59a4d7b4dcbb2d4083100d419c1ea498f","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5618a851004d69ea106000771cc7d1dd38409d0595c285d445ff616fe85e1425","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"block":"Real Estate Project Costs","heading":"Initial Rental Operations","paragraphs":[{"citation":"340-970-25-18","para":"25-18","html":"
When a real estate project is substantially completed and held available for occupancy:
  1. a
    Rental operating costs shall be charged to expense when incurred.
  2. b
    All carrying costs (such as real estate taxes) shall be charged to expense when incurred, depreciation on the cost of the project shall be provided.
  3. c
    Costs to rent the project shall be amortized in accordance with paragraph 970-340-35-2.
","snippet":"When a real estate project is substantially completed and held available for occupancy:\n(a) Rental operating costs shall be charged to expense when incurred.\n(b) All carrying costs (such as real estate taxes) shall be ch…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2f350ac6c82a955b7e007cbb153768d03b1af4bc9e748d21deb982e99ac9fe95","downloaded_from":"2026-09-09T23:59:08.692Z","last_downloaded_at":"2026-09-09T23:59:08.692Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477549","source_sha256":"97b2f564ea36e8f645fae359a82e158f4c9038073fc6eafdeeae935a9eabe357"}},{"citation":"340-970-25-19","para":"25-19","html":"
A real estate project shall be considered substantially completed and held available for occupancy upon completion of tenant improvements by the developer but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup).
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