United States:
A Parking Garage Today, But What About Tomorrow?
10 November 2016
Reed Smith
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In a recent Law360.com article written by Andrew McIntyre, the
author addresses three issues in converting parking to accommodate
the growing need for E-commerce delivery space and the future
effects of driverless vehicles:
- Zoning
- Market unpredictability
- Cost
The article discusses the efforts some developers are making to
build flexibility into today's parking space construction to
allow repurposing of these assets in the future.
One of the hurdles facing developers are zoning codes that are
centered on today's parking requirements. Zoning regulations
often trail changing market trends by years, if not decades.
"Lots of zoning ordinances require more parking than is
necessary," says Dusty Elias Kirk of Reed Smith's Global
Real Estate Practice Group. "Zoning ordinances have not
changed...They haven't gotten there yet."
A complete discussion of the three issues can be found here.
This article is presented for informational purposes only
and is not intended to constitute legal advice.
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