RALEIGH, NC-The parking lot shortage here has become a critical issue for commuters and developers alike. It’s difficult finding a parking space and it’s even more difficult finding surface space that can be converted into parking lots.

The surface lots that can be found are quickly becoming more expensive, due to the city’s booming housing market. Since 1996, more than 400 homes, condominiums and townhouses have been built Downtown or just outside its borders.

For example, condominium developer Gregg Sandreuter bought a 1.1-acre parking lot about a month ago, but he had to search two years to find it. He paid $33.39 per sf, a record for Downtown property.

One lot that developers have had an eye on is a 1.74-acre parcel owned by real estate broker Betsy Anne Bradshaw. The asking price is $4 million, or $53 per sf, more than a vacant lot on the mall, which is the most expensive property in Wake County, according to commercial appraiser Tom Hester.

Developers want parking lots because they are less expensive than land with buildings that have to be demolished at added expense. There are more than 500 parking lots Downtown, but most are small lots used by businesses. Condo developers say they need at least half an acre.

City planners estimate there are only a dozen lots of at least half an acre under single ownership Downtown, and few of them are for sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.