2012-07-10_study_session_full - Laserfiche WebLink

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Mr. Breihan stated that for the entire neighborhood, there is the capacity to provide 2,793 parking spaces, a net increase of approximately 1300 spaces. Regarding structured parking vs. surface parking, Mr. Breihan stated that today there are 94 structured spaces and approximately 1,300 surface parking spaces; the Plan calls for reducing surface parking slightly by about 400 but to increase structure parking spaces to 1,820 spaces. Regarding public parking vs. private parking, he stated that the Plan shows a mixed use parking garage close to the proposed condo development; they wanted to make sure the condos had parking that did not take away from Loop parking. He stated there are currently approximately 1,000 public spaces and 370 private spaces; the Plan calls for 2,000 public spaces and 790 private spaces. He stated that today there are 1,430 spaces and the Plan shows 2,793 spaces. Regarding The Loop parking lot, Mr. Breihan stated that there are currently 366 public spaces and a total of about 90 private spaces for a total of 456 spaces; the Plan recommends 976 new public spaces and 510 private spaces. He stated that the Plan calls for significant net increases in parking, trying to keep a balance of public and private parking to provide for increased public parking. Mr. Breihan stated that the Plan comes as a multi-layered approach combining surface and structured parking with adjusted percentages of both to meet future market demand. He stated that the Retail Study suggested moving to structured parking to take up less land for potential development and there is a market for new development. He stated they want to ensure that the parking strategy can allow for development while meeting parking needs. Mr. Breihan summarized some of the rationales for the recommendations pertaining to the parking lot. He stated that The Loop is a maturing commercial main street with development potential not yet realized; at certain times there is insufficient parking; there is an identified market capacity for new development; and increased density requires increased access to parking. Mr. Breihan summarized the recommendations of the Plan and stated that the recommendations apply to development and parking which is just one small part of the Plan initiative but help to achieve the sustainability principles. He stated that the parking structure recommended is tied to the condo development. He stated that when looking at funding and implementation, the type of condo development proposed is one of a few development types that creates enough public revenue that it can be used to fund a large portion of the parking, having them tied together is important because of the cost of structured parking; again, many recommendations are site Ms. Lewis stated, regarding the condominium discussion, that she was concerned about the condos in conjunction with the Washington University proposal because condos are not a popular sale right now. She stated that although this is in the future, she is concerned because the resale of condos right now is difficult and the concern is also because of risking the parking lot for high-end condos. She stated that The Loop is diverse and that is what makes it good and would not want to alter that. Mr. Breihan stated that the market study, as presented and developed as part of the process, does not intend to alter that; it recognizes there is some future demand for a type of housing product tm; E