05-12-2016, 10:11 AM
(This post was last modified: 05-12-2016, 10:13 AM by panamaniac.)
(05-12-2016, 10:08 AM)mpd618 Wrote:(05-12-2016, 10:02 AM)panamaniac Wrote: Built in to your purchase price AND your re-sale price. although I agree that it should be an option (foregoing a parking spot would not save you 60K, however. More likely about a third of that, no?) . I am perhaps too influenced by the Arrow Loft experience, where an annex to the parking garage had to be built to meet the demand for parking - one spot per unit is simply not going to cut it for many down-sizing boomers and working professional couples.
A structured parking space is in the ballpark of $30-50K, along with opportunity cost as part of the site.
The thing about looking at projects like Arrow Lofts is that they're expensive luxury condos - those kinds of purchasers are more likely to want to store their cars even if they don't plan to use them much. But our parking requirements force every development to build to that level, and that starts to matter a whole lot more if your condos could be in the $200-250K range (or rental equivalent). For more affordable housing in the city, it matters a great deal if people can save money by forgoing parking. The city's parking requirements say that whatever your choice of transportation, you cannot save money by not paying for a parking spot.
This makes sense, but in the context of the Brick Brewing project, I'm assuming that we will be looking at another high-end project, no? At least that has been my assumption. The recent Downtown Kitchener rental renovation projects (The Chambers, 48 Weber, and, probably, the Corporation Square building) seem to rent well with no parking provided.