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Old Posted May 18, 2022, 4:26 PM
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Quote:
Originally Posted by esquire View Post
Another insightful article. But I wonder if that ship is sailing to some extent now that the commuting hordes are starting to return to downtown Winnipeg and parking lots are not quite as empty as they were a year or two ago?

Incidentally, I went by the development site mentioned in the article at Donald and St. Mary recently. I was impressed that the pilings go right up to the Credit Union Building to the south... it will add some badly needed streetwall to that desolate stretch of Donald.

I'm not sure if there's anything to my theory, but you would think that as the number of surface parking lots dwindles as they are lost to development, their value should increase thereby encouraging more development. The extreme Canadian examples would be Toronto and Vancouver, where theoretically surface lot demand should be through the roof yet they hardly exist because the land is simply too valuable. Obviously we aren't at that stage yet here in Winnipeg, but every surface lot developed is at least a step in that direction.
Well the value of the lots would certainly increase. With less parking available with lot conversions, the current lots could then charge more since the supply of parking spots diminishes concurrently with demand increasing since there are more people around cause of the new developments, so their value increases simply as a matter of being able to drive in more revenue.

Not sure I agree with the notion that this would further spur development though. All else equal, increased costs of land would cause less development.
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