By the looks of things, it appears as if the green revolution is spreading across South Florida, as well as the rest of the country, in the form of miles and miles of green lanes dedicated to bicycling. As an increasing number of cities redesign streets to include wider sidewalks and increased tree canopies, bike lanes are often used as a means of improving road safety, slowing down traffic, helping the environment, and improving overall community health.
There is, though, a casualty: street parking. For landlords and business owners, this can be a critical issue as they envision a loss of profits from bike lanes that are seldom used to full capacity. Preliminary studies, however, are indicating the opposite is true.
When considering a street redesign, the argument often comes down to space. On the one hand, there is traffic congestion slowing down many primary and secondary roads throughout the region. In many cases, adding a bike lane means the elimination of a driving lane—and when many roads are already moving at a snail’s pace, is it even possible to move any slower?
At the same time, there is a growing call in many urban and dense suburban areas—where space is quite limited—for pedestrian-friendly thoroughfares. This often requires wider sidewalks to invite strolling. It also calls for slower traffic so pedestrians can safely cross, and in South Florida, hit-and-run accidents and casualties have become all too common.
Bike lanes, then, have become a go-to solution. Not only do they meet the demands of a more environmentally conscious population and the increase of citywide bike-sharing initiatives, but they also appear to be efficient at forcing drivers to slow down.
As nice as that all seems, though, it does little to quell the anxiety of landlords and business owners. But there are ways to not only meet the challenges of change but to do so profitably:
If the professionals at Morris Southeast Group have learned anything over the years, it’s that CRE is a fluid creature. Changes come, changes go—and through it all, our team has successfully helped investors to not only meet the challenges but leverage them, as well. When it comes to bike lanes, it’s an idea whose time has come. Even pedestrian-heavy Wynwood is considering a redo that would include a 2.5-mile network of connected bike lanes.
To learn more about adjusting your property to a bike lane, property investment opportunities, and/or our other services, call Morris Southeast Group at 954.474.1776. You can also reach Ken Morris directly at 954.240.4400 or via email at firstname.lastname@example.org.