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Zombie Malls - Part 3: Bringing Dead Shopping Venues Back to Life Through Multifamily Development - A Hypothetical
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Journal Article
Zombie Malls - Part 3: Bringing Dead Shopping Venues Back to Life Through Multifamily Development - A Hypothetical
2024
Overview
has over 30 years of experience in the retail and shopping center sectors with the real estate departm ents of Macy's, Belk and Fleet Farm and as a senior development, asset management and leasing executive with several shopping center companies. Hypothetical Example As an exam fe, if the required parking ratio for a ? al is 5 spaces for every 1,000 square feet of GLA, either ? andated by zoning code, REA/O perative Docum ents or both, and the ? dl is 1,000,000 square feet of GLA, the developer would need to provide 5,000 parking spaces (1,000,000 square feet/1,000 square foot factor x 5 spaces). For every acre of existing parking and the aforem entioned 20 percent reduction in the required parking, the developer can reclaim 8.712 square feet per acre of parking back with the ratio change with 43,560 square feet in an acre. If a shopping center developer can obtain a ratio reduction from 5 spaces for every 1,000 square feet of GLA to 4 spaces as is the current trend as outlined herein [8], the result is a reduction of 1 space for each 1,000 square feet of GLA (29 space reduction).
Publisher
Counselors of Real Estate, The
Subject
