Streamlining Site Selection with FAR-based Market Queries
FAR (Floor Area Ratio) is a metric that indicates the maximum development capacity of a property by comparing its total floor area to the parcel size. Querying a market based on development capacity using FAR can expedite site selection processes by several months.
How Zoning Districts and Property Uses Influence FAR Limits
FAR limits can vary based on zoning districts and intended property uses. For instance, a single parcel might have multiple FAR values in NYC. It will be a higher FAR if the project includes affordable housing. NYC is using FAR to reward more equitable communities.
Balancing Parking Requirements and FAR Allowances for Optimal Profitability
In some cities, parking is part of the FAR allowance, which can be challenging as parking requirements consume up to one-third of the building. If a large portion of a development project uses 30% of the FAR for parking, it could negatively impact its profitability.