This week’s edition of Capstone Law’s Philadelphia Real Estate Trends focuses on parking trends in the Philadelphia area and beyond:
- Many of today’s urbanites rely on alternative modes of transportation, such as car-share programs, public transportation, and biking. This trend prompted cities like Philadelphia (pursuant to its new Zoning Code), Denver, and Boston to reduce and/or eliminate parking quotas for new construction, ultimately leading developers to minimize (or all together eliminate) parking spaces for future projects. This has hit home in a new rental building less than than one block from my office, where Pearl Properties excluded parking from The Samson.
- Above ground parking garages impede the walkability and vibrancy that makes working and living downtown so enjoyable. You can imagine my excitement then when I heard that Parkway Corp. recently announced plans to construct two mixed-use properties with underground parking at Broad and Callowhill Streets in Philadelphia. These projects will supposedly consist of over 300 apartment units and substantial ground floor retail. Although we know little about the project at this time, it could further fuel North Broad’s renaissance and solidify the area’s connection with nearby Center City.
- After initial successes in Europe and New York City, automated parking garages in facilities such as at Parkways’ 1706 Rittenhouse and Brandywine Realty Trusts’ Lift Parking at Juniper Street are sprouting up in Philadelphia. When parking in these facilities, the driver simply pulls into a bay, exits his/her car, and watches as the vehicle is whisked off into storage. Automated parking garages embrace modern technological advances while storing more vehicles in a smaller footprint.