Where we’re going, we don’t need drivers: Developers pushing for driverless tech

New developments being pitched as incubators

TRD New York /
May.May 29, 2018 12:00 PM

Doc Brown and his DeLorean in a Manhattan Parking Garage (Credit: Youtube)

Developers across the country are pitching their mixed-use developments as incubators for driverless-car technology, which they hope could allow them to pack in more product.

Developers are hoping that autonomous vehicles will free up space now allocated to parking spaces for other uses like residential and commercial.

And some institutional investors are paying close attention to how ride-sharing services like Uber and Lyft alongside self-driving vehicles will shape demand for real estate.

“What is interesting to us is the densification options it brings to us,” Jeff Edison, CEO of Phillips Edison & Co., told the Wall Street Journal. The company owns more than 340 shopping centers anchored by grocery stores across the country.

“These advances will impact renters, consumers, and businesses across the country and the globe, and affect what, how and where we build,” MetLife Investment Management said in a recent report cited by the newspaper.

Traditionally, retail developments require five parking spaces for every 1,000 square feet of built floor area, and Edison said driverless cars means “we don’t need that scale of parking.”

Nevada became the first state to allow driverless cars on public roads six years ago. In downtown Las Vegas, a driverless eight-passenger shuttle launched in November and has since carried about 24,000 people.

[WSJ] – Rich Bockmann

Related Articles

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

Pier 40 and Gov. Andrew Cuomo (Credit: Wikipedia and Getty Images)

Cuomo kills Pier 40 redevelopment plan

CW Realty’s Cheskie Weisz  and a rendering of 251 Front Street (Credit: CW Realty and Think Architecture and Design via New York YIMBY)

CW Realty plans luxury rental at controversial Vinegar Hill site

A rendering of Broadway Triangle and an aerial of Broadway Triangle (Credit: Magnusson Architecture via Department of City Planning and Google Maps)

Rabsky, Spencer land $70M refi for Broadway Triangle site

Renderings of 555 West 38th Street and Rockrose Development's Justin Elghanayan (Credit: Rendering by Pelli Clarke Pelli)

Rockrose lands $255M in financing for Hudson Yards project