Quote:
Originally Posted by Jack1983
I have heard True North thinks there will be a parking crunch in the area as TNS fills up. So i expect this parkade to be one of the more lucrative parts of that development.
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Take a surface parking lot running around 70% (or higher) capacity. Close it an build to ~20 story buildings on it place. Include less parking than your new tenants are likely to use. Yup, easy to see how there could be a parking crunch.
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The story I heard is when Hydro Place was being built in had included more underground parking in the original plan. With existing buildings on the site at the time core sampling was not possible. When actual construction started they would geological issues (high water table?) that required the included parking to be greatly reduced. Hydro then responded by signing a deal for the basement of CityPlace so it could be changed into parking (accessed via the loading dock off St Marys) for Hydro employees. That ruffled the MPI feathers as they had been leasing the space (likely on the cheap) for storage. Not long after MPI purchased the building and related surface lots.
Parking costs in all of downtown also spiked up significantly due to the increase in demand. And in response to the hike in parking costs transit too went through what had been until then relatively unprecedented fair increases.
The one perhaps upside of True North Square is that it is not really bringing new people downtown like Hydro Place did but rather shuffling around chairs that are already downtown.