Appraisal Articles 2019 Free Appraisal Articles for Appraisers and the Public
It’s a good question given the fact that Las Vegas is about to have one of those monster stadiums completed in a relatively short time. If you look at some of the other NFL stadiums online you will discover that the seat to parking ratio for many is about 2 to 1 up to about 4 to 1. Game day parking is relatively expensive at most of the stadiums even those with lots of parking available.
When relatively few stadium-owned parking spaces are provide more public parking lots are developed. You still have to shell out for private parking space and then you get to walk to the stadium. Public parking fees can basically be charged at whatever the public is willing to pay. That's open season for those who develop their own parking lots, clearly the average NFL parking space is around $ 40 on an event day and sometimes more. Get your calculator of spreadsheet out.
The retractable-roof Las Vegas Stadium is being built on a near 20 acre site. When you take away the footprint you have a remaining area that is much smaller. That means there will be a lot less parking spaces available in Las Vegas than at many other NFL stadiums. You have to ask yourself, will it all work out with only about 12,275 spaces? I don’t think so. It’s just my personal opinion but I think the stadium is probably going to need another 6,000 to 12,000 offsite parking spaces based on other what is happening at other NFL stadiums, even with a lot of visitors coming from the Strip.
If you have asked yourself how can metro Las Vegas, with a population of only about 2.2 million, support an NFL franchise you haven’t thought about the fact that Las Vegas gets over 4 million visitors each year, and the theory is, I would imagine, most visitors don't have automobiles to park.
So, yes there will be some portion or percentage of the game attendees who are visitors that come across the I-15 from the Las Vegas Strip and don’t need parking. But the question is, how many Strip visitors will there be? Las Vegas Strip gaming properties probably imagine that a large portion of attendees will be visitors coming from Strip properties and not much additional parking will be needed.
NFL teams in other cities are however supported almost entirely by local and visitor team attendance. Las Vegas may be one of the first NFL teams / cities that attempts atypical “visitor” support. NFL games will be heavily promoted like shows and fights or as “visitor entertainment.” Free tickets to gaming enthusiasts is a given, but it makes you wonder who will really be supporting the Las Vegas Raiders team. Will it be locals or will it be Las Vegas Strip visitors?
For those near stadium owners with a entrepreneurial streak, they only have to look to other NFL stadiums at the surrounding private parking lots and think about where the private lots make sense. Guessing how much parking will actually be needed is where the gambling comes in.
For more appraisal information contact Glenn J. Rigdon MA, MRICS, IFAS, ASA is a Las Vegas / Henderson Nevada based appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas (http://www.appraiserlasvegas.com), or http://www.horizonvillageappraisal.com, or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/
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