Why build parking lot years in advance of the building?
I’ve been curious about something for awhile, and was wondering if any reader knew the answer.
In the Fresno and Clovis area, you come upon many lots which are zoned for commerce (and in one example, a park). The very first thing built in these lots is a parking lot. The whole deal, asphalt, lights, lines, even the handicap signs. And then it sits there.
Sometimes for years. And years. Some locations have parking lots that were built 5+ years ago, with no building to go with it.
And I just don’t get it.
Parking lots aren’t free. The rule of thumb for a surface lot is $8,000 per space, not including land cost. So why would a developer come in, plop down up to half a million dollars worth of asphalt, so that an empty parking lot can sit?