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From page 59... ... 59 Repurposing Parking Facilities to Non-Vehicle Uses Together with Chapter 4, this chapter addresses the question, "If parking demand reduces, what can an airport do with the excess parking capacity? " Chapter contents focus on strategies to repurpose surplus airport parking capacity for non-vehicular uses. Read the entire page →
From page 60... ... 60 Rethinking Airport Parking Facilities to Protect and Enhance Non-Aeronautical Revenue 5.1 Prior ACRP Research ACRP has prepared several reports and guidebooks focusing on strategies to encourage and enhance non-aeronautical commercial development and revenue. These reports include: ACRP Report 47: Guidebook for Developing and Leasing Airport Property. Read the entire page →
From page 61... ... Repurposing Parking Facilities to Non-Vehicle Uses 61 The document also includes a self-assessment toolkit, a site evaluation toolkit, and an implementation toolkit for the reader to build an extensive understanding of the specificities of airport commercial development landscape. ACRP Synthesis 1: Innovative Finance and Alternative Sources of Revenue for Airports. Read the entire page →
From page 62... ... 62 Rethinking Airport Parking Facilities to Protect and Enhance Non-Aeronautical Revenue project. This directly impacts property value for landowners: if the risks of a project are high, an investor will then seek ways to either increase revenue or decrease cost. Read the entire page →
From page 63... ... Repurposing Parking Facilities to Non-Vehicle Uses 63 development) Read the entire page →
From page 64... ... 64 Rethinking Airport Parking Facilities to Protect and Enhance Non-Aeronautical Revenue successfully petitioned the FAA to allow non-aviation-related uses; however, by and large, the FAA expects that airport-owned land should be used for aviation-related purposes, and introducing any non-aviation-related use to airport-owned lands will require FAA approval. Approvals of this kind are made at the regional level of the FAA. Read the entire page →
From page 65... ... Repurposing Parking Facilities to Non-Vehicle Uses 65 As such, earlier stages of construction, such as environmental remediation and infrastructure installation, pose greater risk than later stages of construction, such as installing furniture, fixtures, and equipment (or FF&E) Read the entire page →
From page 66... ... 66 Rethinking Airport Parking Facilities to Protect and Enhance Non-Aeronautical Revenue In some markets, this may be a "sunk cost" for the landowner as the challenges of leasing airport land for commercial development may require this initial investment to attract investors in the first place. Ultimately, the extent of this investment, and the likelihood an airport operator will recoup this investment, depend heavily on the strength of the local market. Read the entire page →
From page 67... ... Repurposing Parking Facilities to Non-Vehicle Uses 67 In this manner, the project becomes more like a "build-to-suit" project than a "speculative" project. A speculative development project is one where a developer finances, builds, and owns a multi-tenant property with only some or no tenants committed to signing leases prior to securing financing and/or groundbreaking (or the minimum amount of pre-leasing required to secure financing) Read the entire page →
From page 68... ... 68 Rethinking Airport Parking Facilities to Protect and Enhance Non-Aeronautical Revenue 5.3 Terminal Area Hotels The discussion of leasing and tenant risk largely assumes that a project will be industrial or office in nature. In addition to these land uses, airports can also look for ways to support hotel development on airport-owned lands as well. Read the entire page →
From page 69... ... Repurposing Parking Facilities to Non-Vehicle Uses 69 competing properties by a greater ratio than did the on-airport hotels with no terminal connection. In the case of Hotel E, the on-airport property has underperformed the broader market, primarily because it is an unbranded hotel (brands help drive demand) Read the entire page →
From page 70... ... 70 Rethinking Airport Parking Facilities to Protect and Enhance Non-Aeronautical Revenue High Cost Ideas (cost premium of over 25%) Read the entire page →
From page 71... ... Repurposing Parking Facilities to Non-Vehicle Uses 71 future vertical expansion would be to build to a shorter planning horizon now and construct the vertical expansion only if needed. Therefore, implementation of a vertical expansion of a parking structure that was not designed for a vertical expansion is not discussed here. Read the entire page →
From page 72... ... 72 Rethinking Airport Parking Facilities to Protect and Enhance Non-Aeronautical Revenue the structural floor members and a separate spandrel to provide the vehicle barrier and pedestrian guardrail. Read the entire page →
From page 73... ... Repurposing Parking Facilities to Non-Vehicle Uses 73 100 pounds per square foot versus 40 pounds per square foot for a parking structure. Designing for all or a portion of the top level to be converted to a garden or park requires increased columns (size, spacing, or both) Read the entire page →
From page 74... ... 74 Rethinking Airport Parking Facilities to Protect and Enhance Non-Aeronautical Revenue increase in the cost of a parking structure. These costs can be minimized by limiting the area or number of levels that are being considered for repurposing. Read the entire page →

From page 59...

... 59 Repurposing Parking Facilities to Non-Vehicle Uses Together with Chapter 4, this chapter addresses the question, "If parking demand reduces, what can an airport do with the excess parking capacity? " Chapter contents focus on strategies to repurpose surplus airport parking capacity for non-vehicular uses.