The self-driving car trend could impact development strategies

Los Angeles /
May.May 16, 2017 12:50 PM

The utopian idea of self-driving cars roaming the streets of L.A. has some real estate professionals scratching their heads.

Many think the trend could lead to massive roadway and traffic redesigns, which could drastically reshape real estate development patterns.

The most significant change could be a reduced need for parking, meaning that developers won’t need to worry about factoring in the costs of including parking spaces in new developments, Curbed reported. Developers such as AvalonBay Communities are already trying to accommodate for the change by building parking garages specifically designed to be convertible to retail or office space once demand for parking space lessens.

It’s also likely that developers will begin partnering with companies such as Uber or Lyft, rather than building out parking spaces, Curbed said.

“Developers will start using the promise of AV and driverless cars to realize net savings,” said Don Elliott, a zoning consultant and director at Clarion Associates. “It’s not necessarily cheaper, but more space can be used for commercial or residential purposes.”  [Curbed]Subrina Hudson


Related Articles

arrow_forward_ios
3440 Lomita Boulevard (Loopnet)
Cedars-Sinai buys medical office building in South Bay
Cedars-Sinai buys medical office building in South Bay
GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
Here’s how much tenants are paying at One Wilshire in DTLA
Here’s how much tenants are paying at One Wilshire in DTLA
Link Logistics' Luke Petherbridge with 5200 Sheila Street (Link Logistics, iStock)
Aerospace outfit leases 115K sf warehouse in Commerce
Aerospace outfit leases 115K sf warehouse in Commerce
Bicycle Hotel and Casino (google Maps, iStock)
Investor scores $210M for Bell Gardens casino deal
Investor scores $210M for Bell Gardens casino deal
Dollinger Properties' Dave Dollinger and Plaza at Golden Valley mall (Crexi, Getty Images)
$54M for Santa Clarita retail center
$54M for Santa Clarita retail center
1633 Victory Boulevard, Glendale and Senior Planner at City of Glendale Dennis Joe (Google Maps, LinkedIn)
New owner wants to enlarge controversial Glendale hotel project
New owner wants to enlarge controversial Glendale hotel project
Coretrust Capital Partners' Thomas Ricci, Randall Scott and John Sischo; 444 S. Flower Street, Los Angeles (444 South Flower, iStock, Coretrust Capital Partners)
Coretrust leases 44K sf of offices to law firms in DTLA
Coretrust leases 44K sf of offices to law firms in DTLA
80 South Street (Wikipedia)
Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...