01-21-2016, 02:10 PM
(01-21-2016, 01:57 PM)Viewfromthe42 Wrote: It's not just the parking, of which only one floor could likely be underground (mirroring the financials that 1Vic deemed acceptable), but also how you handle things in the interim, as those spots are well used, and how you make a final product, because 60-70%+ of the balconies and windows open onto parking. You can't turn that into a podium, lest owners suddenly decide en masse that they're ok living in an enclosed box.
While I agree that it's an incredibly valuable piece of real estate to leave as surface parking, we've also seen the property developed in such a way as to make any alternative nearly impossible, or else so expensive as to make it impossible.
That piece is so valuable that the development will eventually happen. The easiest way is to buy out the owners. Some development company can start purchasing units and renting them out, until it owns sufficiently many units to win every vote in the condo corp.