Quote:
Originally Posted by spyguy
Seems like a lot of parking and not a lot of units/height for such a large and well located parcel....Does anyone still have the renderings from when I think B+L designed something here a looong time ago?
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^ This is probably going to be a condo building.
It appears that since the recession, rental buildings have undergone a "correction" of sorts where developers are realizing they can build a lot less parking into their buildings.
Condos, however, with such little new inventory in the past 7-8 years, are still following the "old rules", these are the old parking ratios that worked for developers and lenders in the early 2000s. Why mess with that old parking formula especially when we are still dipping our toes in the water?
At some point, though, as the lending environment loosens up with condo buildings, and as city living keeps becoming more popular, I wonder if even condo buildings will begin to contain a lower parking ratio? It may take another 5-10 years but eventually I see that happening. Condos may still always demand more parking than apartments, but the current 1:1 or even 2:1 ratio that we are presently seeing seems a bit excessive.