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Trend: Downtown Renters Shun Parking

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Wouldn't you know it, parking is passe now. A Crain's article from Monday looks in on Magellan Development's Lakeshore East mega project to find that only 40% of renters are leasing parking spaces. Magellan used to project 55%, so serious consideration is being given to changing their formula. Same story for Fifield Cos., the developer of K Station. And, presumably, others. Current zoning laws mandate a minimum 0.55 parking to unit ratio for downtown residential buildings, with some locations set higher. That will have to change if this trend is to ascend to a new norm. But the trend is confined to downtown renters. Given increasing numbers of renters, many of them young, it's not all that surprising. The most likely causal factors? A contraction in spending among renters in response to the economy, and price at the pump. [Crain's]