Neil Shekhter - Parking Equation in a World

LOS ANGELES, CA / ACCESSWIRE / November 26, 2018 / When coming up with new apartments, the challenging part of the construction is how much the tenants are going to need parking. Even today tenants still prefer walking especially if the distance is less to the commuters or the amenities. The uncertainty of the amount of parking required by the apartment at the time of construction is a hindrance to the developers for proper budgeting. If the automakers succeed in coming up with more and more cars, the renters will need fewer parking spaces in future. A strategy should be underway to provide a solution to the instability when having all these self-drive and ride-sharing car projects continuing to thrive. Developers need more ideas in bringing flexibility in parking in their apartment projects mainly in urban areas.

According to Neil Shekhter, developers pay more than $40,000 per space in the Los Angeles area to create a parking space. Additionally, the developers have to subject a reasonable amount of space to set the parking. Then, if the parking remains out of use by the tenants after the opening of the apartments, it brings discouragement and disappointment since it is hard to convert a parking garage to use it in another manner. The developers get punished if they do not construct enough parking spaces. However, parking is still a required amenity by the residents. Residents who travel by trail or other transportation means also need some personal cars to go on tours during the weekends. Other transportation projects are coming up with the use of Uber and bikes as different ways of how urban dwellers transit.

Neil Shekhter stated that what should work for the developers is to embark on the methods that worked for them in the past. Thorough research can also work where you determine the amenities around within walking distance to know how much the tenants will need cars. Many tenants still believe in some lager parking spaces like two parking spaces per unit of the apartment. However, developers are coming up with projects strategized to improving on parking. Some people use shared parking arrangement while for office or retail, you can assign the first floor for parking. Also, you can decide to reduce the need for parking around your office by providing other reliable means to reach out to your customers rather than them coming to the office.

Some other developers provide some locked stations for bikes and bike-sharing stations. Other companies partner to offer car rentals as soon as needed. An effort by a group of landlords to provide shuttle buses to commute to the nearest bus station can also help to solve the need for ample parking space and hence conserving space. Also, you can use institutions such the Proposing Transportation Demand Management to show the relevance of the set measures of transportation to the local officials to allow you to have a smaller parking space. If there is an older apartment near your newly built one, that apartment can have some extra space that you can use like you agree with the owner, explains Neil Shekhter, chief executive officer of NMS Properties.

NMS has offered quality rentals in the Los Angeles area for nearly three decades. Since 1988, NMS has developed and managed a large portfolio of premier apartment buildings and commercial properties in Santa Monica, West Los Angeles, Brentwood and the San Fernando Valley

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By: Jessica Zalban

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SOURCE: NMS Properties, Inc.