News   Dec 13, 2019
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News   Dec 13, 2019
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News   Dec 13, 2019
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Moscoe wants developers to give free TTC passes

S

scarberiankhatru

Guest
Maybe the parking minimums should be a sliding scale, adjusted for distance from transit.
 
B

blixa442

Guest
It's not absurd.
It is absurd. There's no such thing as a free pass. Someone will have to pay for it, and it ain't gonna be the developer.
 
C

cdl42

Guest
"Someone will have to pay for it, and it ain't gonna be the developer."

Well, that's exactly what Moscoe is proposing and has been done before as part of condo developments in this city. It would be just as free as a "free" parking spot, "free" appliances, or "free" granite countertops.
 
R

rbtaylor

Guest
it ain't gonna be the developer.
If a developer can save $20k per unit, I'm sure they will be falling over themselves to buy the metropasses.

TTC passes are far cheaper than parking construction. Parking construction is mandated by the city. If the city changed the rules to make it one or the other then the developer will pick the mix that is best for them (likely heavy on the transit). Many condo developments sell out of units long before they sell out of parking.
 
G

green22

Guest
It is likely that a decrease in parking requirements even when coupled with the passes would lead to a lot more condos being built especially in some suburban jurisdictions where the parking requirements are particularly high (expensive for developers). There's a reason why all the new condos in Etobicoke (as well as Scarborough, much of NY, TO) offer free parking. The regulations are mandate a huge surplus of parking. Here's today's latest example
www.thestar.com/NASApp/cs...0599119419

Parking included means that at least one space is included free of charge in all units. If you don't drive you are still paying an extra 20% for spot(s). Sure you can sell or rent it but because of oversupply you'll never get close to what you paid (condo cost) and continue to pay (maintenance fees pay for garage/lot maintenance, property taxes, heating, cleaning security)
 
M

Mike in TO

Guest
What do you think the market price would be if developers did not have to supply a minimum number of spaces?
That depends on a number of factors:

What type of soil/rock is the structure being built on?
Is there underground water?
Is the development next to the lake?
What are the site conditions and constraints?
How large is the development? (economies of scale)
How deep is the parking garage (cost increase expodentially per parking stall the deeper one must dig - i.e. is cost a lot more per parking stall at four levels underground than one)?

Other factors include fluctuating prices for materials (steel, concrete etc.) and labour.

Most developers los a significant amount of moeny providing parking - even when charging $20k per space, those costs are recouped by increasing all the unit costs in the building.

I know of many condos years after they were completed that still have unsold parking spaces that sit empty due to city enforced parking regulations that are out of step with market demand.
 

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