Rethinking the Value of Parking Lots
More and more downtowns are re-evaluating the value of their parking lots. As Romy Varghese reports, cities are creating incentives to build revenue-generating uses on parking lots. With a decline in driving and a desire for a more "pleasant pedestrian experience,” cities like Minneapolis and Baltimore are providing tax credits on parking lots to attract new development and considering prohibiting parking lots on main streets.
“Parking lots are natural for development because there’s often no demolition involved and chances of running into environmental issues are lower.” Varghese quotes Minneapolis' principal city planner Beth Elliott: “The more property investment, the more taxes we have to be able to make improvements in roads, in transit, in parks.”