What is described as a parcel of land bounded on all sides by streets and intended for building?

The term that best fits the description of a parcel of land bounded on all sides by streets and intended for building is "Lot." A lot is specifically defined in real estate as a designated piece of land that is meant for development or use and is typically enclosed by roads on its perimeter.

A plot generally refers to an area of land, but it does not have to be bounded by streets or have specific development intentions. A block usually refers to a group of lots that are bordered by streets, functioning as part of a larger city or neighborhood layout. Meanwhile, a parcel is a broader term that can refer to any defined area of land, including lots, but does not necessarily imply the specific characteristics of being bounded by streets.

Understanding this is essential for distinguishing between the various terms used in real estate and urban planning. The focus on being bounded by streets highlights the urban planning aspect that makes "Lot" the most accurate answer in the context provided.