4. NORTHPOINT |CHALLENGES OF URBAN PARKING
Parking doesn’t pay for itself (Challenging Returns & Underwriting)
High costs in urban markets ($50,000 - $100,000 per space)
In-efficient use of parking spaces (Sitting vacant at different times for different uses)
Permit Challenges
Above grade parking undesirable by neighborhoods and counts against FAR
Desire to Reduce Trip Generation by cities and towns
Market Challenges
Commercial Broker & Tenant Resistance to lower parking ratios
Limited precedent/examples of Shared Parking
Shared versus Reserved Parking
Result: Projects with too much Parking
7. NORTHPOINT |PARKING PARAMETERS
North Point considered its own Parking District
Shared parking utilized to reduce overall parking count
Original NorthPoint approvals contained 4,980 spaces
New space count will be 3,800 – Reduction of 1,180 spaces
Update Zoning Ratios to be Consistent with other Cambridge Districts
Commercial .9 spaces per 1,000 SF
Lab .8 spaces per 1,000 SF
Residential .75 spaces per unit
Hotel .5 spaces per key
Retail .5 spaces per 1,000 SF
Major City Benefit of Capping Peak Hour Vehicular Trips
8. NORTHPOINT |PARKING PARAMETERS
Flexibility within the NorthPoint District:
Residential uses (min. of 0.5 spaces/unit, max. of 1.0 space/unit, avg. of 0.75 spaces/unit)
Ability for early parcels to build more parking (1.25 spaces per 1,000 SF)
Improved Tenant flexibility for parking supply (Less restrictions within District)
Improved parking efficiencies, revenue per space and parking returns (Market Driven)
Supporting Factors for Shared Parking Strategy
Mixed-Use Development Parcel (Ability to Share Parking)
NorthPoint has a detailed PTDM Plan (Joint City & Developer Effort)
Shifting Demographics Trends (Age Profile, Urban, Car Ownership %)
Two Subway Lines and the EZ Ride Shuttle
Alternate Modes (Hubway, Zipcar)
Shared Parking Challenges
Comfort level for Lenders & Investors (Leasing & Sale)
Comfort level for Brokers and Tenants (Perception vs. Reality)
Retail and public parking