Comment 106106

By Ryan (registered) - website | Posted November 11, 2014 at 09:42:44 in reply to Comment 106104

Last year's Downtown Parking Update found that maximum downtown parking utilization is just 68 percent, and it's actually down from an earlier peak utilization of 76 percent in 2005.

According to the study, once the lot at John and Rebecca is transformed into a neighbourhood park, the parking area around Rebecca will reach 84 percent peak utilization.

Even if demand for parking continues to increase until the lots around Rebecca fill up, demand can be managed through adjustments to pricing. Right now, Hamilton has some of the cheapest downtown parking rates of any comparable city in Canada.

There are literally whole city blocks where the only building is a kiosk to pay for parking. That's an appalling misuse of what should be some of the most valuable and desirable real estate in the city. We're squandering millions of dollars in annual municipal tax revenues by allowing these lots to remain at their lowest value of use.

Consider three recent redevelopments downtown: 123 James North (at Vine), 68 George (at Caroline) and 40 Bay South (at Main). Between them, they've gone from generating $58,917 a year in total property tax to $968,528 a year. (The City proportion is $38,503 and $632,677 respectively, with the rest going to education.)

The fact that so many lots have remained as surface parking for so many years is a clear indication of the failure of current City policy to maximize our urban potential.

Comment edited by administrator Ryan on 2014-11-11 10:11:21

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