Boston city councilors are considering eliminating all parking requirements for residential developments in the latest step toward affordability, reported the Boston Business Journal. To date, more than 100 cities nationwide have already eliminated parking requirements for new development.
The city has already taken steps to reduce parking requirements. It reduced parking requirements for affordable housing in 2021 and allowed developers to build projects without parking if 60% or more residential units were income restricted.
While a vote on potentially eliminating parking is not imminent, the matter is expected to be taken up again early in the new year, Councilor Sharon Durkan, who chairs the City Council’s planning, development and transportation committee, told the Business Journal.
Durkan said parking requirements are outdated and a “one-size-fits-all mandate.” Eliminating those requirements, she said, would create flexibility for each project, reported the Business Journal.
“Boston has a housing crisis, not a parking crisis,” she said.
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
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Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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