Building a parking lot in a city
Not sure if this qualifies for this category but here it is:
Came across a nice lot of land in a city and it dawned on me that a parking lot would be a great idea BUT I wanted to ask some questions on here and get some thoughts and opinions.
The land is currently zoned as residential but can the parking lot still be built under that zone or if the lot exceeds X amount of spaces then it has to be zoned for commercial?
Ex: 10 spaces and less qualifies for residential zoning or more than 10 spaces requires commercial zoning
If you build this lot does the value of the land increase or stay the same?
I appreciate any insight on the matter.