According to calculations from the city’s own analysts;
if off-street parking spaces are required, then the most profitable thing for a landowner to build on one of these properties in inner Portland is 10 townhomes, each valued at $733,000, with an on-site garage.
But if off-street parking isn’t required, then the most profitable thing to build is a 32-unit mixed-income building, of market-rate condos selling for an average of $280,000
So, no garages = 22 more apartments.
The developer makes the same amount of profit, there are just two things to consider, would you rather have no parking and 32 new neighbors, or 10 millionaires with private parking
https://bikeportland.org/2019/10/02/how-car-parking-makes-new-housing-much-more-expensive-305563
https://www.sightline.org/2019/10/02/in-mid-density-zones-portland-has-a-choice-garages-or-low-prices/
if off-street parking spaces are required, then the most profitable thing for a landowner to build on one of these properties in inner Portland is 10 townhomes, each valued at $733,000, with an on-site garage.
But if off-street parking isn’t required, then the most profitable thing to build is a 32-unit mixed-income building, of market-rate condos selling for an average of $280,000
So, no garages = 22 more apartments.
The developer makes the same amount of profit, there are just two things to consider, would you rather have no parking and 32 new neighbors, or 10 millionaires with private parking
https://bikeportland.org/2019/10/02/how-car-parking-makes-new-housing-much-more-expensive-305563
https://www.sightline.org/2019/10/02/in-mid-density-zones-portland-has-a-choice-garages-or-low-prices/
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