Condo Developers Encourage Buyers To Kick Their Cars To The Curb

Developers are increasingly telling buyers to ditch their cars in cities like Miami, San Francisco and New York.

In exchange for discounts, credits, car-rental and car-sharing services, the move saves residential developers building costs since they can reduce or eliminate garages. Some builders are also planning for a garage-less future, designing parking structures that can be easily converted or removed, according to the Wall Street Journal.

At the Zom apartment tower in downtown Miami, 23 percent of residents rent without parking spaces. The Orlando-based developer’s garages are about a third smaller than in its previous buildings.

At Centro, a condo tower nearby, developer Harvey Hernandez didn’t include parking at all. Instead, he arranged for residents to have accessto about 300 parking spots at an office building nearby on weeknights and weekends.

In San Francisco, Tishman Speyer partnered with Audi to offer a luxury car rental service at Lumina, a 42-story condo building. Units come with one parking space, but buyers can forego the space for a $10,000 credit and the option to rent one of eight Audis from $12 to $22 an hour.


Source: The Real Deal