WEST LAFAYETTE, IN-South Street Capital is challenging the city’s longtime requirement on parking to build a $50 million student housing complex across from Purdue University’s Mackey Arena, onthe site of an old retail strip center. The company recently upped its amount of parking for the six-story, 600-bed property, which would also feature 35,000 square feet of retail, but the number of spots is still short of city standards.
Both sides admittedly have tried to meet in the middle. Marc Muinzer, co-founder of South Street, tells GlobeSt.com that his firm has gone from an initial plan of 150 parking spaces to 295 spaces. However, the Area Plan Commission has historically required a 1-1 parking spot ratio to bedrooms, which has held back student housing around the campus. For this project, the commission has dropped its requirement from 680 spots – 600 for the beds and 80 for the retail – to .75 spots per bed, so about 450 parking spots total.
However, Muinzer says it’s ridiculous to require parking for a project that is just going to serve students that likely won’t have cars, who will walk across to the street to the campus. He says he’s done all he can to compromise with the commission.
“Urban, mixed-use private sector student housing developments with very limited parking are commonplace within blocks of the University of Michigan, Indiana University, the University of Illinois and other Big 10 markets,” Muinzer says. “Our site is literally closer to the classrooms than the Purdue dormitories. It’s not financially feasible to add a second level of underground garage parking, the deal no longer pencils with that.”
The commission will vote on the revised plans, and Muinzer is trying to get the project on the Jan. 18 meeting. The City Council could then vote on the project in early February. “Construction could start in early spring if approved,” he says.
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