Item 6D - Parking Sufficiency Analysis_Southlake Town Square_Final 7-29-19WALKER
CONSULTANTS
DATE:
TO:
COMPANY:
ADDRESS:
CITY/STATE:
FROM:
PROJECT NAME:
PROJECT NUMBER
July 29, 2019 (Revised)
MEMORANDUM
SOUTHLAKE TOWN SQUARE PARKING SUFFICIENCY ANALYSIS
Mr. Scott Miller, Vice President/Director of Development
Retail Properties of America, Inc.
2021 Spring Road, Suite 200
Oak Brook, Illinois 60523
Mallory Baker
Southlake Town Square Parking Sufficiency Analysis
27-1106.00
Retail Properties of America, Inc. ("the owner") has engaged Walker Consultants ("Walker") to assess parking
sufficiency at its mixed-use property, Southlake Town Square. Southlake Town Square contains nearly 900,000
square feet of open-air shopping, dining, and office space, in addition to community medical services, and is
served by roughly 5,000 structured and surface parking spaces.
To evaluate parking sufficiency, Walker conducted on-site inventory confirmation and occupancy counts to
assess current conditions; additionally, Walker assessed future parking demand assuming full occupancy of the
Square (current vacancy is 6%) and development of an additional 4,000 square feet of new retail space.
Walker found that existing parking assets are more than sufficient to accommodate current and projected
demand, with a sufficiency of 2,504 and 1,722 spaces, respectively. The following figure (Figure 1) summarizes
Walker's findings.
Figure 1: Existing and Projected Parking Sufficiency
BACKGROUND AND METHODOLOGY
The following figure (Figure 2) shows existing programming details for Southlake Town Square (density by use).
Figure 2: Current Programming—Southlake Town Square
Us ,
Parking Supply Peak Demand % Occupied
Sufficiency
Existing
5,045 2,541 50%
2,504
Projected
5,045 3,323 66%
1,722
BACKGROUND AND METHODOLOGY
The following figure (Figure 2) shows existing programming details for Southlake Town Square (density by use).
Figure 2: Current Programming—Southlake Town Square
Us ,
Sq. Ft. Allocation
Vacancy
% Vacant
Medical Office
25,276
14,108
55.8%
Traditional Office
204,006
26,169
12.83%
Retail
457,402
4,821
1.0%
Restaurant
99,990
7,440
7.4%
Grocery
13,832
0
0.0%
Theater
68,733 (3,215 seats)
0
0.0%
Total 869,239 52,538 6.0%
The owner is planning to develop a 4,000 square foot pad of new retail space, located at the southwest corner
of Central Avenue and Main Street, across from Summit Park.
WALKER MEMORANDUM
CONSULTANTS SOUTHLAKE TOWN SQUARE PARKING SUFFICIENCY ANALYSIS
The following is an overview of Walker's methodology to evaluate the ability of the parking inventory to
accommodate existing and projected demand (sufficiency):
• Current Sufficiency: Performed a weekday peak hour (1 pm) occupancy count and adjusted for monthly
demand distribution (the projected peak time of year for the center is mid-December, while occupancy
counts were performed in June.)
Projected Sufficiency: Projected parking demand based on Walker's proprietary shared parking model
(Shared Parking 3rd Edition), which incorporates industry -standard base parking ratios for individual land
uses coupled with monthly and hourly demand distribution factors by use, as well as local and regional
transportation and site-specific captive adjustments. Future needs assumed 100% occupancy within the
Square as well as development and occupancy of the 4,000 square foot pad.
CURRENT SUFFICIENCY
Walker performed a confirmation of inventory and an occupancy count on Wednesday, June 12th, 2019.
The following figure (Figure 3) graphically depicts current peak occupancy by block.
Figure 3: Current Peak Occupancy by Block
12
WALKER MEMORANDUM
CONSULTANTS SOUTHLAKE TOWN SQUARE PARKING SUFFICIENCY ANALYSIS
The following table (Figure 4) shows inventory and occupancy by block.
Figure 4: Current Inventory and Peak Demand by Block
Block #
Inventory
Occupancy
Occupancy %
1
366
310
85%
2
351
293
84%
3
1169
552
47%
4
1017
291
29%
5
330
201
61%
86
86
100%
-6,7,8
10
162
122
75%
12
207
104
50%
13
40
40
100%
14
190
76
40%
17
391
157
40%
18
297
90
30%
22
222
118
53%
23
217
102
47%
Site Total
5,045
2,542
50%
As shown, on an aggregate basis, current peak parking demand only reaches 50% occupancy, with a sufficiency
of 2,503 stalls. Demand is heavily concentrated in on -street and surface parking in blocks 1, 6, 7, 8, and 13.
FUTURE SUFFICIENCY
To evaluate future sufficiency, Walker projected parking needs using its proprietary shared parking model (the
3rd edition issued June 2019), which accounts for industry -standard base parking ratios by use, hourly and
monthly demand distribution factors, and site-specific driving ratios and captive adjustments. Current
programming was adjusted to reflect 100% occupancy in the Square (current vacancy is 6%, as shown in Figure
2), and also included the new 4,000 square foot retail space.
The following figure (Figure 5) shows projected demand by use at the peak hour (a weekday at 1:00 PM).
13
WALKER MEMORANDUM
CONSULTANTS SOUTHLAKE TOWN SQUARE PARKING SUFFICIENCY ANALYSIS
Figure 5: Peak Day Demand by Use (Weekday at 1:00 PM)
Use
Density
Base
%Driving(l)
%Non-
Hourly
Peak
Peak
Ratio
CaptiveM
Presence (3)
Demand
Demand
aL
Ratio
Medical
25,276
4.5
100%
100%
93%
106
4.2
Office
Traditional
204,006
3.4
100%
100%
88%
574
2.8
Office
Retail
457,402
2.9
100%
99%
100%
1,324
2.9
Restaurant
99,990
12
100%
92%
75%
828
8.3
Grocery
13,832
3.5
100%
94%
79%
36
2.6
Theater
3,215 seats
0.19
100%
100%
10%
63
0.02
(1)
Service
639,957
0.9
95%
100%
72%
392
0.6
Employees
(Z)
Total
3,323 3.82
(1) The industry -standard parking ratio for Theater uses is based on number of seats, rather than square footage—
note that the square footage for the theater is 68,733 sf.
(2) Density for "service" or hourly employees is based on the total square footage of service uses (retail, restaurant,
grocery, and theater). Note that parking for office employees and medical office building employees is included in
the ratios for those categories.
The following figure (Figure 6) graphically depicts hourly demand distribution on the peak day (a weekday).
14
WALKER
CONSULTANTS
MEMORANDUM
SOUTHLAKE TOWN SQUARE PARKING SUFFICIENCY ANALYSIS
Figure 6: Hourly Demand Distribution by Use (Peak Weekday)
6,000
5,000 5,84S 5,84S 5,845 5,84S S,845 4- F9,84F9 4- S,849 5,84S 49 6,845 4- 9,84F9 5,845 -S,845 -045
4,000
3,000
2,000
1,000
'3
367
6:00 7:00 8:00 9:00 10:0011:0012:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:0011:0012:00
AM AM AM AM AM AM PM PM PM PM PM PM PM PM PM PM PM PM AM
� Retail/Dry Goods � Specialty Grocery/Market � Restaurant
Movie Theater � Service Employees � Office (Traditional)
� Medical Office Space Total Demand Inventory
On the peak weekend, demand is projected to lesson, peaking at 3,121 spaces at 8:00 PM. The following figure
(Figure 7) graphically depicts hourly demand distribution on a peak weekend day.
15
WALKER MEMORANDUM
CONSULTANTS SOUTHLAKE TOWN SQUARE PARKING SUFFICIENCY ANALYSIS
Figure 7: Hourly Demand Distribution by Use (Peak Weekend Day)
6,000
5,000
4,000
3,000
2,000
1,000
F9,8os §'84S F9,84S §'84F5 F9,845 -,- s F5,84S 4- F5,84S S,84§ s S,849 -S,845 9,84F9 F9,84F9 F9,84F9 _-'8-_-045
7
671
6:00 7:00 8:00 9:00 10:0011:0012:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:0011:0012:00
AM AM AM AM AM AM PM PM PM PM PM PM PM PM PM PM PM PM AM
� Retail/Dry Goods � Specialty Grocery/Market � Restaurant
Movie Theater � Service Employees � Office (Traditional)
� Medical Office Space Total Demand Inventory
As shown, assuming full occupancy plus development of an additional 4,000 square feet of retail, projected
peak demand is well -accommodated by supply with a sufficiency of 1,722 spaces.