
Above: A parking ramp sits at the base of Loring Park's LPM apartment tower
Aiming to reduce housing costs and encourage non-car transportation, a proposal headed to the Minneapolis planning commission Monday would nix parking requirements for developments near the city's busiest streets.
The proposal, introduced by Council Member Lisa Bender, would tie residential parking minimums outside of downtown to the proximity to frequent bus or rail service. That would -- in some cases -- eliminate or halve the city's typical one-spot-per-unit minimum requirement.
Under existing rules, developers can obtain a 10 percent parking reduction (to .9 spots per unit) if they are within 300 feet of a transit service with 30-minute midday frequencies. The proposal would eliminate the minimum entirely for developments within 350 feet of transit with 15-minute frequency.
Whether the change will lead to zero-parking development remains to be seen, however, since commercial lenders often insist on parking before financing a project. Most developments downtown, which has no parking minimums, still include a substantial amount of parking.
RELATED: Minneapolis looks at easing parking space restrictions (Feb. 1, 2015)
But the new ordinance would allow for a new breed of parking-free housing outside of downtown, which could reduce project costs -- and potentially rents, if developers pass on the savings. Developers now pay up to $25,000 per stall to build underground parking garages, which also require the accompanying building have a larger footprint.
As with most things related to parking, the change is likely to be somewhat controversial. Discussion of the ordinance on e-democracy.org included mixed opinions, with several commenters concerned about building residents instead clogging on-street parking spots in neighborhoods.