There are two categories of parking spaces both of which are available for sale to buyers of units in the building:
7 spaces are earmarked so that each residential buyer has the right, but not the obligation, to purchase one space that is unrestricted according to the Planning Commission conditions of approval. Only purchasers of an unrestricted spaces may purchase a “restricted” space.
10 “Restricted” Spaces
There are two priorities for the use of these 10 spaces. The first priority of use is for “restaurants and other retail uses in the NC-1 district along the 1900 block of Hyde.” These users have the right to rent, but not purchase, all or some of the 10 spaces from the space owners but only on terms that reflect market rents.
The second priority is for “residents of the neighborhood”. Any use or lease by “residents of the neighborhood” of these 10 spaces must be terminable upon 90 days notice in the event of requested use by an eligible restaurant or retailer. The priority in which restricted spaces initially used by residents are made available to requesting restaurants and retailers is set forth in the project CC&Rs. (See Disclosures for details.)
One of the conditions of project approval by the Planning Commission is that the building provide 17 off-street parking places and that all parking be sold “unbundled” or “independent” from the sale of the individual residences, which allows unit owners to buy more or less parking depending on their needs. (See Disclosures for details.)