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

Use Code 25for25 at checkout for 25% off an annual plan!

Redlining map of Oakland and Berkeley.

Rethinking Redlining

For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.

May 15, 2025 - Alan Mallach

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.

May 14, 2025 - Diana Ionescu

Front of Walmart store with sign.

Walmart Announces Nationwide EV Charging Network

The company plans to install electric car chargers at most of its stores by 2030.

May 7, 2025 - Inc.

Regeneration of contaminated industrial land used for waste dumping, West Midlands, UK, 2006 .

EPA Awards $267 Million to Clean Up and Reuse Contaminated Sites

The EPA is investing the funds to clean up and redevelop contaminated sites nationwide, supporting economic growth, community revitalization, and environmental restoration.

4 hours ago - Environmental Protection

Archway made of bikes in Knoxville, Tennessee over Tennessee River.

Knoxville Dedicates $1M to New Greenway

The proposed greenway would run along North Broadway and connect to 125 miles of existing trails.

6 hours ago - WATE

25mph speed limit sign with digital "Your Speed" sign below it.

Philadelphia Launches ‘Speed Slots’ Traffic Calming Pilot

The project focuses on a 1.4-mile stretch of Lincoln Drive where cars frequently drive above the posted speed limit.

May 18 - WHYY