“If my firm, Grubb Properties, were to build a 300-unit apartment community with moderate rents in downtown Charlotte today it would cost in excess of $75 million. If we could build that same apartment community without having to provide parking, the cost would be closer to $60 million. This $15 million reduction in total cost would allow for an average monthly rent reduction of over $250, making the apartments affordable for a far greater percentage of Charlotteans.”
