See final paragraph - set to be the tallest building in Western Canada. The article focuses on the 14 stories of underground parking that will be included, which does seem excessive given that the SkyTrain is literally across the street.
See final paragraph - set to be the tallest building in Western Canada. The article focuses on the 14 stories of underground parking that will be included, which does seem excessive given that the SkyTrain is literally across the street.
Parking spots add value to the units. Even if it costs $100k less to build, the value compared to neighboring units, might be more than $100k less. The developers will earn less and be less inclined to build it.
Obviously if they are given no choice they will build what they can, but there are choices about where to build. If they can choose which project to build and one city eliminates parking in the buildings and another doesn’t, then they will go with the more profitable option.
The desire to build parking into the building should go with the demand. As more people eliminate cars, because of the good transit and car share options, they will value parking stalls less. Once the value of a parking stall drops below the cost to build it, they will stop building them.
Vancouver’s housing market is so tight that the space saved allows more units to be built, so it’s almost always profitable to maximize people per area instead of cars per area.
Who the hell is paying more than 100k for a parking spot this close to a transit station? Vancouver’s transit plans are some of the grandest on the continent right now (and are mostly on-schedule with minimal budget overruns).