Quote:
Originally Posted by jollyburger
I mean it only becomes a problem if they can't find renters that are willing to do without a parking spot.
There's no way renting out parking stalls will make them more money than just dumping the capital to build a parkade versus additional housing levels. If anything they can just jack up the rate on the ~850 spots they will include so only the people who are really desperate to have a personal car will get one.
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I'm not even sure why anyone would choose to go rent or live in a place they know will, or may not have sufficient parking, and which is so designed for the convenience of transit-users and car-less residents rather than drivers, in the first place.
And despite the various cities' elimination or reduction of parking minimums, the trends have been moving towards more and more buyers not needing parking stalls rather than requiring them.
But in any case, the Central 1 office building purchse next door gives them some flexibility if it ever came to it - even though I don't think redevelopment of that building is in the cards for anytime soon before any of the current and planned future phases is complete.
I'd be curious to know what sparked the sale by the current owners in the first place and what their vacancy rate currently is in the present market.