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Transit-oriented development isn't stymied by outdated zoning, unwilling developers or a lack of space.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