Why It Matters.Many cities and municipalities have parking minimums that don’t right-size parking land use. The reduction or elimination of parking minimums will promote development, spur urban renewal and drive more affordable real estate projects that will drive livability in cities across the nation.
NPA supports reducing or eliminating outdated and costly minimum parking space requirements and allows free-market developers to set parking minimums based on demand.
Further, NPA supports efforts to gather fact-based data and encourage public/private dialogue and partnerships, and planning and zoning that aids citizens and commuters.
Excessive parking requirements cost developers money and costs cities space that could otherwise be used for public, retail, or residential use. These outdated measures often negatively effective the kind of local planning and zoning needed to create and maintain vibrant communities. NPA believes that localities should seek to ease zoning and land use restrictions to accommodate increased population and subsequent demand for mixed-use properties in urban hubs. But they don’t often follow this formula.
Parking minimums must be reduced or eliminated. Government can allow market demand to determine the appropriate supply of parking. This will reduce the cost of development and result in a better balance of parking supply and expected demand for the specific real estate application.
Parking minimums have already been eliminated in major cities such as Buffalo, NY, Hartford, CT, Santa Monica, CA, Fargo, ND, and Mexico City, Mexico.
Addressing antiquated minimum parking requirements will allow for more clarity in market pricing resulting in more affordable real estate. Allowing the market to set the right number of stalls will reduce excess supply in some areas and drive more affordable real estate projects. 2
Model real data to plan for parking development. NPA, Urban Land Institute and International Council of Shopping Centers release Shared Parking book & definitive model for mixed use parking space planning.
Set standards for automated & mechanical parking. ANSI standard development underway with NPA support by Automotive Lift Institute.
Shopping center construction costs increase by 93% to adhere to parking requirements. 3 This surge in construction costs hurts investors, developers and business owners. The reduction or elimination of parking minimums will encourage smart retail.
Minimum parking requirements cost cities $1,000 per space in annual tax revenues. 1 Land used for parking often generates far less tax revenue than land used for buildings. The difference in taxes may discourage developers from converting unused surface lots into more productive uses.
Smart planning reduces congestion. The reduction or elimination of required on-street parking reduces double-parking and frees up valuable curb infrastructure to be used for other things, including delivery drop-off, loading zones, rideshare pickup, etc.
Cras lobortis sapien arcu?
Donec a rutrum nisi. Duis vitae ornare odio. Maecenas lacinia sed neque eu lobortis. Vivamus porttitor ligula non turpis feugiat sagittis. Curabitur cursus luctus lectus ornare maximus.