The Latest Trend in Redevelopment: Parking Lot to Multi-Family Residential

Real estate and investment experts see more and more urban parking lots as attractive locations for redevelopment—usually for multi-family residential buildings.

1 minute read

January 23, 2020, 8:00 AM PST

By James Brasuell @CasualBrasuell


jersey-city-parking-lot-3

dandeluca / Flickr

"As local authorities across the world try to curb car numbers in city centers, parking lots are becoming less important in certain areas, while sitting on valuable — and scarce — land. As a result, they have been selling quickly, especially in urban areas," according to an article published by The Investor.

The article cites the expertise of Brandon Roth, senior director of JLL (Jones Lang La Salle) in San Francisco, who sees parking lots converting to multi-family residential as one way for cities to mitigate ongoing housing shortages. In some case, according to Roth, developers don't have many options for redevelopment in urban centers other than parking lots.

The data support Roth's thesis: "Sales of parking lots have risen significantly in the U.S. over the past five years, surpassing 200 transactions in 2016. That’s more than double the amount in 2006 through 2014, when fewer than 100 surface lots a year were sold." Examples of developments rising from former parking lots can be found in Brookly, Boston, and the U.K. Policies in London, Madrid, and New York City are cited as examples of cities trying to move away from auto-dependency, potentially making more room for parking lot redevelopment in the future.

Tuesday, January 21, 2020 in The Investor

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Aerial view of town of Wailuku in Maui, Hawaii with mountains in background against cloudy sunset sky.

Maui's Vacation Rental Debate Turns Ugly

Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

July 1, 2025 - Honolulu Civil Beat

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

July 9, 2025 - Diana Ionescu

Map of Haussmann's redesign of Paris in the 1850s through 1870s under Napoleon III.

In Urban Planning, AI Prompting Could be the New Design Thinking

Creativity has long been key to great urban design. What if we see AI as our new creative partner?

June 30, 2025 - Tom Sanchez

View of dense apartment buildings on Seattle waterfront with high-rise buildings in background.

King County Supportive Housing Program Offers Hope for Unhoused Residents

The county is taking a ‘Housing First’ approach that prioritizes getting people into housing, then offering wraparound supportive services.

July 11 - Real Change

Aerial view of suburban housing near Las Vegas, Nevada.

Researchers Use AI to Get Clearer Picture of US Housing

Analysts are using artificial intelligence to supercharge their research by allowing them to comb through data faster. Though these AI tools can be error prone, they save time and housing researchers are optimistic about the future.

July 11 - Shelterforce Magazine

Green bike share bikes parked in a row on a commercial street with outdoor dining and greenery.

Making Shared Micromobility More Inclusive

Cities and shared mobility system operators can do more to include people with disabilities in planning and operations, per a new report.

July 11 - Cities Today