Why does nobody talk about how many people ignore the actual parking ratio when buying a retail pad site?

Honestly, I just saw a guy in my network lose a prime tenant for his new $1.2M pad in Tampa because he quoted the city's minimum requirement of 5 spaces per 1,000 sq ft, not the restaurant's actual need of 8, so has anyone else had a deal fall apart over this?

3 comments

3 Comments

nathanbailey2mo ago

Man, that's brutal. Did he not have a good broker who could have flagged that before they got so far along? I've seen a few smaller strip mall deals go sideways over parking, but never for that much money, ouch.

nancyd857d ago

Was there any kind of traffic study done before he broke ground on that pad, or did he just assume the city minimum would work... Seems like a pretty expensive gamble to take. I hear about people skipping that step all the time, especially when they're trying to save a few grand early on.

corad842mo ago

Ngl, losing a tenant over a basic parking math error is wild. You spend over a million on the dirt and building but skip the most important part for a restaurant. That broker should have caught it day one, it's their whole job. The city minimum is just the bare legal floor, not a business plan. Bet he's stuck with a fancy building nobody can use right now.