An investment company looking to purchase four regional malls across the U.S. retained raSmith to conduct a due diligence effort to determine whether parking was adequate at each site. raSmith evaluated the sites from a code compliance standpoint as well as conformance with national standards; ability to accommodate current parking demand; and flexibility to accommodate an increase in demand and/or the redevelopment or development of the mall site.
raSmith’s parking expertise in retail and shopping mall development; our familiarity with parking requirements at the local level; and our understanding of national standards were a strong match for the client’s needs. Our traffic engineers spent time developing a solid understanding of the unique demands of each mall site. For example, parking at one of the four sites was shared between the mall site and adjacent urban land uses. This necessitated the ability to identify mall-specific versus external demand for parking.
A risk assessment of parking needs and requirements was completed for each site. raSmith used shared parking models and methodologies as a best practice in completing the risk assessments. The client was able to use the assessments as a tool in deciding whether to purchase the properties as well as assess future growth opportunities on each site.
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