The future of parking

Among the urban transformations expected to come with autonomous vehicles — whenever they arrive — is a mass emptying of frequently jammed parking spots, Axios’ Kia Kokalitcheva writes.

  • Why it matters: With cars always on the go, and dockless bikes and scooters eating into driving, young startups and staid building developers are considering new ways to use the immense real estate currently devoted to empty cars.
  • What happens to parking lotswill potentially change city landscapes in the coming decades.

A future with less parking will mean fewer garages.

  • AvalonBay Communities, a developer working on a Los Angeles residential complex, anticipates converting a large parking garage into a home for a gym, theater, retail and restaurants, the LA Times reports.
  • City Storage Systems— ex-Uber CEO Travis Kalanick’s new undertaking — has been buying properties, including parking garages, to turn into commercial kitchens for delivery-only restaurants and other consumer services.

And the spots that remain will be repurposed for more than just personal vehicles. Among the contenders:

  • ParkJockeywants to sell space access to businesses such as ride-hail, car rental and food delivery. It’s offering hardware and software to garage owners who will turn their real estate into a service that customers can pay to access.
  • SpotHerois focused on a parking spot booking app (for human drivers), but it’s already thinking about the arrival of robot drivers. It’s been working to upgrade some lots to handle AVs.

Yes, but: Developers already have tough decisions in regards to their investments, which typically have a 30-year horizon, as they juggle near- and long-term uses.

  • Construction costsfor above-ground parking structures can amount to $21,000 per space, and another $500 per year to maintain each space. Meanwhile, parking costs an average of $2 per hour in the U.S., but can reach $33 for 2 hours in New York.
  • Converting garagesis expensive: In Pittsburgh, it cost $17 million to convert a 3-floor garage into some 60 apartment units.

The bottom line: These companies may have to make big investments years before it’s clear if they made the right bet.

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Πηγή: axios.com

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