Quote:
Originally Posted by ardecila
Where do you get that? I'm sure Cedar Street will advertise secured garage parking even if it is paid and not included with the rent. Average parking utilization for the newest buildings with >10 units, presumably luxury units built at or near 1:1 ratio before the TOD ordinance, was around 60%. So, in the pool of renters who are paying new construction, luxury rents, 2 out of 3 renters in Chicago have a car and need a place to park it. Now, it's true that some portion of those car owners can be persuaded to give up their car in exchange for living in a prime location near transit, so optimistically maybe we end up with 50% of [new construction] renters in Chicago needing a parking space.*
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With 710 apartments overall in Cedar Street's project, that's approximately 355 spots needed. But the existing garage holds 600 cars, so there should be ample parking spaces at 5050 N Broadway for any resident who wants one, and maybe some public parking available also. |
I don’t think that ratio applies to Cedar Street Uptown developments. Most of their other large projects have no parking. The apartments are smaller and seem to be targeted to young people. They were giving away bikes if you signed a two year lease.
I bet the main use of the garage will be for the retail tenants, which like someone said above, I hope it’s a Trader Joe’s.