You can take the parking revenue and reallocate it to non-parking projects though (in principle, perhaps not in practice given how our parking policies work here) instead of deciding to fund garages. Portland recently enacted a policy to dedicate 50% of all parking revenue to non-parking upgrades in the area that's purpose is to reduce driving (transit, pedestrian and bike infrastructure). https://www.sightline.org/2018/08/13/portland-smartest-parking-policy-in-america/^ Parking is self funded, not building it does not free up money to be spent somewhere else.
Not to mention a future green line station in the close vicinity. Surely Developers are waiting on certainty before design plans but shouldn't be long^Wasn't stated here before, researched the acquisition on RealNet and forgot to post it. Actually, AIMCo/Cidex purchased the lot on the other side in the Beltline (10th ave) as well around the same time. I'd say these are challenging sites due to rail tracks/9th ave, but the site is actually close to many cultural amenities, East Village, Stephen Ave, plus 10th ave and 1st SW amenities.
There's no telling how long before development, but AIMCo via WAM/One Properties and Cidex have been two of the most aggressive highrise developers here in recent years.