To help its bottom line, struggling UK retailer Tesco is planning to open up its parking lots and the space above its stores for new housing development.
As London struggles with a housing shortage, supermarket chain Tesco is offering up a solution to provide more housing, while also shoring up its own finances. Ashley Armstrong of The Telegraph reports that the retailer is planning to sell off air rights above its stores and in its parking lots for new housing development, a plan that analysts say could net the company £1.5 billion.
Val Bagnall of Apex Housing Group said supermarkets were talking about air rights as a way to “sweat their assets”. “It not only shifts the burden of roof maintenance costs on to a developer but could also be a significant income driver.
“There are also plenty of superstore car parks which sit empty when the shop is closed and could be better used. For Tesco, it could generate huge financial value,” Mr Bagnall added.
Armstrong reports that new developments in London at Tesco and other stores could create 180,000 housing units.
FULL STORY: Tesco Towers: supermarket enters the fray with a radical new solution to the housing crisis
UK Election May Turn on Housing
While Brexit is the main focus of upcoming British elections, the skyrocketing cost of housing is also gaining attention.
Friday Eye Candy: Historic London Visualized
Historic London collects panoramic views of modern London streets with historic photos transposed over them. Most of the views date from the first two decades of the 20th century.
Designing the Shadow-less Skyscraper
Architects at NBBJ in London have designed a building—two buildings rather—that work together to cancel out the shadows they cast.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.
San Antonio and Austin are Fusing Into one Massive Megaregion
The region spanning the two central Texas cities is growing fast, posing challenges for local infrastructure and water supplies.
Since Zion's Shuttles Went Electric “The Smog is Gone”
Visitors to Zion National Park can enjoy the canyon via the nation’s first fully electric park shuttle system.
Trump Distributing DOT Safety Funds at 1/10 Rate of Biden
Funds for Safe Streets and other transportation safety and equity programs are being held up by administrative reviews and conflicts with the Trump administration’s priorities.
German Cities Subsidize Taxis for Women Amid Wave of Violence
Free or low-cost taxi rides can help women navigate cities more safely, but critics say the programs don't address the root causes of violence against women.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
planning NEXT
Appalachian Highlands Housing Partners
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie