My lender's spreadsheet made me rethink downtown parking ratios
Met with a loan officer at Huntington last Thursday about refinancing a Woodward Ave storefront. He pulled up comps and basically laughed at my 2 spaces per 1,000 sq ft requirement. Said he's seen 4 new leases in Capitol Park sign with zero dedicated parking and the tenants are thriving. I've spent 8 years insisting parking makes or breaks retail. But he showed me foot traffic data from three buildings near Campus Martius and honestly, the numbers don't lie. Maybe walkability beats parking in the core now. Has anyone else adjusted their underwriting or lease terms because of this shift? I'm curious if it's just downtown or if it's spreading to Midtown too.