Why is it so hard to build in New York City? Why are rents so expensive? It's partly because parking requirement are so onerous that developers are doing everything they can to avoid them, writes Noah Kazis.
Kazis talks with Alan Bell, a developer whose company has developed thousands of affordable units in New York. But, he says, he could have built a lot more if it hadn't been for parking minimums:
"Without the ability to claim an exemption from parking minimums, the economics of the development didn't add up. 'If you have a modest size building, it's really prohibitive,' said Bell. In addition to the direct costs of building structured parking, which Bell said can range from $25,000 to $50,000 per space, making room for the parking can also reduce revenues. 'If you're up against other buildings on both sides, you're going to have to reduce your perimeter retail frontage because you need an entrance for a garage.'"
Bell reveals a few tricks he's used to evade the parking minimums.
Thanks to Noah Kazis
Read the full story: Developer: I've Walked Away From Projects Because of Parking Minimums
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