I've never seen the words "Fee Simple Interest with right of way" put together quite that way before. For all intents and purposes, the fee simple interest is generally all of the property rights an owner would typically have. It doesn't necessarily have to mean the entire property - it could just be a portion of the whole, but it would generally mean a complete interest in that portion of the property.
There are three sets of what are referred to as vertical property rights, and each is pretty self-explanatory - ground rights, surface rights and air rights. Generally speaking, when you own property, with certain legal restrictions and limitations, you own the rights to use the ground beneath your property, the surface of that property, and the airspace above it. When a governmental, quasi-governmental or other entitled entity exercises their power of eminent domain, they are taking one or more of these sets of vertical property rights. Sometimes they take all three. If they take all three, they are seeking fee simple ownership of those rights; in other words, you will generally, (but not always), be losing all of your rights in that portion of the property. Such takings may, or may not affect the utility of the property. For example, if you lose access to a grandfathered, and irreplaceable rental unit, you would be giving up the benefit of that income stream in perpetuity, because it will no longer be a viable rental if there is no legal access. So, even if they do not take the unit itself, by taking away your access to it, you have still suffered an actual loss.
One other thing, if the entity is taking only one or two sets of the vertical property rights, the impact may be minimal. You can also come out in pretty good shape economically from such a partial taking because the individual vertical rights generally are each worth more than one third of the whole. In other words, it's not uncommon for say the ground rights to be worth forty to forty-five percent of the entire set of vertical rights as a whole. Oftentimes, with such ground rights takings, the fee simple owner will still retain (usually limited) surface and air rights that are adequate to continue to utilize the property as it has been in the past, while still getting paid pretty well for the ground rights alone. Good luck!
