Its becoming a pretty great urban street so I'm not surprised that people want to live near it (or that developers are confident that people want to live near it).
There is a large municipal lot less than two blocks away at Millennium Park, no? Also a train station literally across the street. I don't get the concerns about parking space (especially on this forum).
Somebody please redevelop the Crack Mac's property now. Its across the street from a freshly redeveloped park. The 8th Street revitalization project is underway. Its right beside a train station. Come on! This property is screaming out for residential development!
I'm biased because I grew up in that area (and attended Ernest Manning), but its a great part of the City (proximity to Edworthy Park, LRT, downtown, good access to mountains, etc). So much potential.