[mhays]

It's around 440'.

This was land-use-permitted under the old rules that allowed more parking to be above-grade. It might have 300(?) spaces for nearly 400 units. It's hard to get 300 spaces onto 1/3 of an acre entirely below-grade...would need to go down maybe 10 levels at very high cost.

Now the rules are basically three levels above-grade and they need residential use at least on part of that frontage, starting on the corner. I don't know the details. It makes projects more expensive but it's obviously better for the cityscape. So our newer projects on lots of that size tend to have lower parking ratios. For example 2116 4th (digging) is something like 341 units, 147 hotel rooms, and 170 parking spaces. A project on Minor Ave (rising from hole) was also entitled under the old rules.

PS, this building just sold for around $620,000 per unit. The developer plans another one at Denny & Terry, and this price will certainly put wind in their sails. And in the rest of the market.