Should developers have the opportunity to relax parking requirements based on re-sales?
Bunt & Associates prepared a Parking Study on behalf of Reliance and Macdonald Development Corporation for ‘Prime on the Plaza’, a mixed-use 37-storey tower located in Surrey City Centre. Unique to this building, of the 398 units, 274 are micro-suites with 210 parking stalls reserved for the small units. Interestingly, 80% of the micro-suites have been sold but only 15 parking stalls, which equates to less than 0.07 stalls per unit. This begs some questions – should developers have the opportunity to relax parking requirements based on pre-sales? Or, does a lack of willingness to pay for a parking stall actually equate to parking demand?
The Vancouver Sun published an article about this development titled ‘Do Cities require too many parking stalls be built’? View here.
Posted: February 2016