Quote:
Originally Posted by rla82
I've heard from several City planners that lenders will not support projects in Denver without a certain number of parking spaces per unit because there is no "evidence" that the market will support it.
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That sounds entirely possible. It's not a risk I would advise any developer to take.
Quote:
Originally Posted by mhays
If they're doing more than required...I'm shocked. It's understandable that the majority will have cars, but not all. The edges of Downtown must have a lot of people who only walk most days, and have other options for the occasional trip where transit doesn't go. This works very well in lots of cities with similar "head for the mountains" lifestyles.
It sounds like a great opportunity for a developer....build a similar project but do 200 spaces instead of 385. Save $5,000,000 or $10,000,000, set rents a little lower....
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It's not just about going to the mountains, etc. We still don't have a downtown grocery store. Walgreens is still your best bet for buying toilet paper downtown. Basic services and shopping are still completely lacking. The unfortunate fact is that today, living in downtown Denver without a car is extremely inconvenient, and requires a serious sacrifice. It's not a choice that many "choice" buyers will make. And let's be honest, if you can afford new construction pricing, you can afford a car. The only reason you would choose not to have one, and put yourself through that level of inconvenience, is to make a statement. There are some of those people, but not many. I would never consider a unit that didn't have a dedicated parking space - it just wouldn't be a smart decision for a young professional to make in Denver. We don't quite have the critical mass yet. But it's coming.