As a multi-family and mixed use developer, getting the most units out of your project is your number one goal. Being able to fully maximize your space and increase income revenue is an important aspect to consider when developing your architectural plans. One of the sources of wasted space, especially for smaller developments, are parking minimums. Developers must now reserve space for parking cutting into potential unit space.
The good news is that city officials are taking a second look at parking minimums and transportation systems in order to encourage more use of public transportation thus allowing developments to cut back on parking if they are located around public transportation. This reevaluation comes after transportationlca released a study that revealed that 14 percent of LA County’s incorporated land is devoted to parking. The study also concluded that more space is devoted to parked cars than driven cars.
Parking minimums may be costly to developers as they must have dedicated parking spaces for each unit. For smaller developments this might mean adding floors or digging underground which raises construction costs. One solution provide by the Council of infill builder suggest that the city of LA eliminated or reduced parking requirements for new developments. This suggestions mirrors Mexico City plan to get rid of parking minimums and implement parking maximums. These new changes help to promote development near public transit stops and raise funds for public transportation for any developer who wishes to go over the parking maximum.
Only time will tell whether The City of LA will eliminate parking minimums, however there are efforts underway in certain areas. A mixed use corridor in chinatown as well as Atwater village have already reduced or removed parking requirements as part of plan exemption with Santa Monica’s plan proposing to completely eliminate parking minimums.