Can you summarize the following: •	Irrespective of tenure, subsequent to development approvals, any multi-family housing developer will desire to sell/lease out all parking to be constructed, in order to maximize the return on their asset which is expensive to build.
•	For a condominium building, the only opportunity for the developer to maximize this return is prior to building/unit occupancy, given that units are sold and – bundled with the unit or unbundled from units – parking spaces are also sold. They essentially sell parking spaces – and want to sell all of them – and after that the ownership of the parking spaces is with unit purchasers. Parking demand for a condominium building cannot be fulsomely influenced after this point, with the exception of with transportation demand management (TDM) measures which aim to reduce vehicle trip activity on a daily basis but have less influence on car ownership (and therefore, the need to park a vehicle on site). And finally, when a condominium unit is sold in a private sale, any parking space(s) owned with the unit would come with the unit sale – units and parking spaces are effectively “bundled” at this stage – and property management would not have control over this.
•	Conversely, rental buildings turn over tenants on a regular basis as residents move out and new residents move in. Parking spaces, if leased alongside a unit, are “assigned” to a tenant; the tenant does not own the parking space. Property management could even assign a different parking space in the future if there are needed repairs, etc. Alongside this activity, property managers track parking space leasing on an ongoing basis, often with their ongoing “rent roll” data (i.e. unit occupancy statistics). Property managers will be able to assess parking demand on an ongoing basis and adjust their strategies over time to influence the usage of their parking supply on-site. In some cases, if parking is under-utilized, they may offer parking as a low-priced or free amenity, to gain more usage in a parking garage. Conversely, if demand for leasing parking spaces is approaching the supply (i.e. there are few or none left), property managers could be forced to offer units without parking as an amenity, or they could increase the price to dissuade parking space leasing associated with unit leasing. Essentially, in either of the two above scenarios, property managers have the ability to influence, contain, and control parking demand associated with their site on an ongoing basis in reflection of ongoing parking space leasing and availability.
•	From a tenant perspective, parking is an amenity like other amenities that is considered in whether to lease a unit from a specific building. If a tenant requires parking, they will choose a building that offers parking as an amenity. If they do not, then a building without parking available becomes an option for them. In this manner, the provision of parking supply that is lower than required by the Zoning By-law is a risk to the developer as it could harm their ability to attract tenants. It’s less of a risk to the city and surrounding area than often perceived because of this decision – it is not typical behaviour to own a car, choose a building without available parking, and try to find a location in the neighbourhood to parking. This is a risk and an inconvenience that most prospective tenants are disinterested in.
•	In taking the above into consideration, parking demand associated with a rental building is more “dynamic” than a condominium building, specifically because of the typical “turnover” nature of rental buildings, and that parking spaces are owned by the building owner, not the tenants. Property management can essentially calibrate the parking demand through pricing and marketing mechanisms to ensure tenants rent what is available on the site.
•	As it relates to the proposed parking supply rate, it is acknowledged that it is a departure from other approved residential parking supply rates in downtown Burlington; it is lower. It is precisely the rental nature of the proposed building that makes it appropriate to essentially “pilot” this lower parking supply strategy in the downtown, and it is for the reasons mentioned above. Property management will be able to assess, on an ongoing basis, how the parking supply is accommodating parking demand associated with tenants and prospective tenants. As noted above, if the parking supply is affecting unit leasing, that business risk is born by the developer / property management.