Initial feedback indicates that the campus population is very interested in close-in, covered parking. The college is now ready to look for potential private developers and parking lot operators with interest in such a project. In this economic climate, the size of the project has specific influence on the pool of potential private development partners. There are national and regional parking management companies that welcome this size deal and are actively looking for college and school deals like the one described here. In addition, commercial developers within the particular state are very likely to have interest in such a project.
Care is necessary to qualify potential partners without parking development experience.
The developer does not have to manage the deck, but the management company must be identified and included in negotiations from the onset. In the commercial development market of the late nineties, investors expect and get a 12 percent return on solid and safe projects. Many partners may not have done business with colleges and schools before. Some illustration of financial stability might be required. Many developers are accustomed to purchasing and hence owning the land that they develop.