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1.Structured Parking <br /> DESCRIPTION <br /> • Construction of parking ramps is a strategy for implementing density goals within The COR-1 <br /> zoning district. Density within The COR-1 zoning district is one of the basic foundation pieces <br /> behind the original vision of The COR—and has been used as rationalization for funding <br /> various infrastructure projects within The COR (i.e. Ramsey station, various road <br /> improvements, The Draw, etc.). Density of development also helps push other desired uses <br /> within The COR (such as traffic for restaurants/ retail). <br /> • The current COR master plan shows the construction of four parking ramps within the COR-1 <br /> zoning district (one already completed). Many people involved with the original visioning <br /> process of The COR expect the construction of additional parking ramps to occur. <br /> • It is important to note, The COR-1 zoning district minimum FAR (floor area ratio) was updated <br /> in 2015 to .65. This new FAR does not force users to construct parking ramps (higher FARs do). <br /> This is unlike the previous minimum FAR within the COR-1 zoning district (.75 and 1.0). <br /> • The City has received strong and consistent feedback from developers, real estate <br /> professionals, and businesses that parking ramps are very expensive and the Ramsey market <br /> cannot justify this additional development expense. Generally, developers are opposed to <br /> constructing parking ramps. <br /> Market Panei/Developer/Reai Estate Professionals <br /> o If the City expects additional structured parking within The COR, it is highly unlikely the <br /> private market will bring this to Ramsey alone. The only markets that see this type of <br /> development naturally, within the Twin Cities, are Minneapolis, St. Paul, and St. Louis <br /> Park. These markets have higher yield rates, which can justify the investment. <br /> o If structured parking is a priority for Ramsey, the City should pro-actively prepare a <br /> plan to fund parking ramps. The City should generally be prepared to participate costs <br /> above and beyond standard surface parking. The City must lead this effort. <br /> o Density within The COR-1 zoning district does benefit, and help push,the City's desire <br /> for restaurants and retail within The COR. <br /> Page 2 of 8 <br />