So the potential return on a parcel is less with a height limit in place, then. Thanks for the explanation by the way.
It seems projects are continually getting bolder with challenging the height limit. Many projects being built today were taller initially (Cobalt was ~35 & 25, Television City was 40 & 20, etc) but these were shut down and revised. However, 75 James went for 34 stories and succeeded, and now this proposal has a solid basis to challenge the limit as well, being next Landmark Place.
There is a habit of calling these incremental steps the ‘moment the limit was formally abandoned’ but it’s moreso a slow inch forward. If approved, this project validates existing height as a precedent now, not just the escarpment. The next step may be a developer who wishes to go for a similar height (40 floors) but elsewhere downtown where no immediate precedent exists. If that succeeds (city or OLT), then imo the floodgates are truly open.
There are a wide variety of surface lots that are likely more valuable than any site in play atm. They perhaps near demand something taller to justify redevelopment, but will not be with current policies limiting potential returns. Some of the best Parking lots here probably make a lot of money as-is…