Let developer deal with parking
November 22, 2007
I support Whole Foods coming to Basalt; however, I am against the town of Basalt subsidizing the developer’s self-proclaimed, totally bogus, parking “hardship” dilemma via increasing the approvals for more free-market condos for the developer. Let the developer build its own underground parking. The developer will be receiving a huge revenue steam windfall from the extra cars that the Whole Foods will be attracting and will build as many underground spaces as needed to accommodate the increase in traffic ” they do not need a contribution from the town.
Each extra car that Whole Foods pulls in and parks will be more valuable to the developer than the previous one. More cars requiring parking means more revenues to the developer. All retail stores and restaurants at Willits will benefit from the increased traffic, as its revenues will be higher. As the retail stores revenues increase, so does the value of the developer’s commercial retail real estate. The increase in traffic will increase the value of the developer’s remaining commercial real estate way more than the marginal cost of the extra underground parking spaces needed as a result of Whole Foods.
Since Willits has already received its full zoning allocation for its residential density, any additional units approved for the site should be treated like an annexation application where the percentage of category affordable housing units approved approximately equals the number of free-market units approved.