As cities try to discourage car use, investors see greater redevelopment opportunities for parking lots and garages.
Investors are increasingly targeting parking lots for potential multifamily redevelopment, especially in urban areas, according to industry sources.
“Given the multifamily market has been so strong for the past decade, we’re at a point that really justifies development,” says Rob Goldstein, assistant portfolio manager at CenterSquare Investment Management, a global investment manager focused on actively managed real estate and infrastructure strategies. “We’ve seen debt costs decrease and demand and rental revenue increase. So, those two factors both contribute to the appeal of parking lot conversions to residential.”...
RSK: With underground parking, this offers a higher and better use of land...but at a cost of course. Location, location, location!
Ken Notes: As Madison doubles in size it will have to lighten its height restrictions and ramps under structure will become the norm.
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- - Volume: 8 - WEEK: 8 Date: 2/18/2020 8:56:36 AM -