Zoning Changes

Currently we are working on a parking lot redesign with one of our clients who owns an office building with inadequate parking. The building is underparked by 20 stalls and that severely limits the amount of space we can lease. Every lease has a specific number of stalls allocated and we keep a table of tenants and their number of employees. To maximize revenue we decided to discount rents to tenants that use below the market standard parking ratio or rent space for storage at cost. In fact there are many properties in the market with either short or tight parking and we often are called on to solve this operational issue.

The City of Walnut Creek is planning a new initiative to expand the development potential in downtown. The plan will change the City’s landscape and skyline. This is a bold initiative that will add more housing density to the downtown core. We will see taller buildings up to 89 feet in height and improved intermodal connections for the Oakland boulevard corridor. Landowners should be very happy. The zoning changes will increase land values.