Banksters holding up transit-friendly, pedestrian-oriented development

[marmar]

via MassTransitMag:



Are Banks a Roadblock to Walkable Development?

By Derek P. Jensen
The Salt Lake Tribune


UTAH - Salt Lake City's new-urbanism epiphany -- fervently backed by Mayor Ralph Becker and the City Council -- appears to be catching static from an unlikely source.

Transit-oriented development isn't stymied by outdated zoning, unwilling developers or a lack of space. It turns out, banks, wedded to old-fashioned lending standards that stress parking, may pose the biggest blockade by denying financing.

The reason: Lenders operate from a tried-and-true principle that maintains more parking means less risk and a higher return on their investment. But ditching cars is the whole point of urban developers looking to create 24-hour live, work and play environments that hug light-rail hubs.

Take the capital's gateway district, which soon could be further revived by a North Temple TRAX train, a new viaduct and millions in streetscape upgrades. City leaders envision a walkable, vibrant mix of housing, retail, restaurants and offices that one day will bridge the FrontRunner hub and a new North Temple transit station along downtown's western rim. .........(more)

The complete piece is at: http://www.masstransitmag.com/online/article.jsp?siteSection=3&id=9804

[imdjh]

1. I was thinking that the first improvement in SLC would be normal addresses.

[Captain Hilts]

2. VERY interesting!!! Thanks! nt

[taterguy]

3. My frikkin' bank hassles me when I try to ride a bike through the drive-thru

Why don't you just come inside?

Because you've got no frikkin' bike racks.

Mojo Nixon was right: The only banks I like are the banks of the Mississippi River, and a bank of Fender Twin Reverb Amplifiers.

[taterguy]

4. Kick because this is an important story