- May 11, 2010 -
We were at the Public Presentation for Downtown21 Master Plan last April 19th to know more about the future development of Downtown Mississauga. It is an amazing macro project that will change the face of our current downtown core. But one simple question came to our mind: “Where do we put our cars?.” The model considers a well planned urban pedestrian friendly environment, with small streets, wide sidewalks, promoting a vibrant and walkable space, but, are we willing and prepared to get rid of our vehicles?.
If we are planning to double the population in the City Centre area it is time to incorporate more solutions today for the coming transit/traffic/
parking problems of the future. Current projects in development like Sheridan College Campus will incorporate 5,000 students but apparently only 350 parking spaces; Whole Foods Market at the corner of Rathburn Rd W and City Centre Dr is eliminating an important parking lot corner from Square One Mall but apparently adding no parking underground. On other hand major roads like Burnhamthorpe Rd is proposed to be converted from 6 lanes to 4 lanes, can we imaging the new Burnhamthorpe Rd in rush hour?
New buildings are coming but the typical ratio parking-per-
unit is below to the current demand. Our street paid parking rates at downtown core are unaffordable, if we calculate the monthly bill. We can see that Confederation Pkwy paid parking spaces remain underused, at the same time we have frustrated condo residents placing ads for renting an extra parking spot at their buildings.
Downtown developers can make a good profit by adding an extra level of underground parking. Currently, the price of an extra parking space at new projects in the City Centre area is in the range of $20,000 to $25,000 for a typical 16’x9’ parking space (144 square feet), so that is $140 to $170 per square foot of a plain underground parking space, which is half price of one square foot of a brand new fully finished apartment. Not bad business at all.
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City Centre Real Estate Ltd., is a Real Estate Brokerage located at downtown Mississauga, concentrated in residential Real Estate condominium market located at City Centre Municipal District.