Source: Saiber Real Estate & Land Use Alert
The State of New Jersey has continued to address parking considerations in public and private spaces. Earlier this year, lawmakers introduced legislation that would require reserved parking spaces for families with young children and older adults. More recently, the New Jersey Senate passed Bill S3605, which provides for a reduction in minimum parking requirements for developments that are situated near public transportation facilities. The Bill provides three primary categories of reductions:
- Developments located within one-half mile to one mile of public transportation services, five or more motorbus regular routes, or a roadway with at least 15 roadside bus stops are eligible for a 20 percent reduction in required parking spaces.
- Developments located between one-quarter mile and one-half mile of public transportation services, five or more motorbus regular routes, or a roadway with at least 15 roadside bus stops, are eligible for a 30 percent reduction in required parking spaces; and
- Developments located within one-quarter mile of public transportation services, five or more motorbus regular routes, or a roadway with at least 15 roadside bus stops will be eligible for a 50 percent reduction in required parking spaces.
The passage of the bill marks an increased interest in development regulations that promote transit-oriented developments and a departure from typical minimum parking requirements. The bill now goes before the Assembly for consideration.
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If you have any questions about how this potential law may impact you, please contact Nino Coviello or Justin Calta of Saiber LLC’s Real Estate & Land Use practice.