How can parking contribute to the economic success of a main street, campus, or neighborhood?
Parking is the gateway, or “front door” to a development. It is the first and last impression for
visitors. It is an opportunity to create a positive and lasting impression. Parking is not about cars, it is about people, and getting people to where they want and need to go while providing the best possible user experience. When people experience safe, convenient, and efficient parking, they are more likely to have a positive overall feeling of the destination – and they are more likely to return.
A parking facility in which transportation elements such as trains or buses are incorporated can also have a significant impact on the local economy. It is proven that commerce develops near transportation systems. Transportation-oriented designs often have a domino effect, causing residents and businesses to be drawn to the area, increasing property values and safety.
Many American cities and neighborhoods face complicated economic issues; parking can serve as an asset and a driver for economic success and revitalization. Parking provides the essential infrastructure to support commerce and activity, while enlivening America’s main streets and downtowns.
The economic implications of constructing a properly implemented and area-appropriate mixed-use parking facility can be enormous. For example, parking that is located within a development along with residential spaces can drastically increase the value of the units. In some cases, one space can increase the value of a residence by up to 12.5%, and two spaces by up to 25%.
*Federal, State, and Local codes govern most of these requirements and should be thoroughly investigated. Data presented herein should be considered guidelines only. For more specific information and assistance with implementation of these guidelines, please contact THA Consulting, Inc. via email at email@example.com