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That's great! It's the first parking structure that I know of for Old Town. I remember going to a Royce 5'9" concert at the Temple Club while I was in college at MSU. It's a beautiful building.
I wonder if the parking structure would be directly behind the building and how many floors they are thinking of. I would hope that it wouldn't block the full south-face of the building, allowing for some nice views from the upper floor apartments (what's not already blocked by the Cedar Street School building, of course). Hopefully they only need two floors of parking but three floors would be nice for eventual use if other projects nearby want to expand and make a deal with these developers.
Considering that we have torn down so many historic buildings in Lansing, it is great that this one is going to be repurposed. It is beautiful and unique.
I wonder what could be done to tame the traffic and make a more comfortable environment for pedestrians at this corner. Cedar Street really cuts Old Town in two. I have never walked beyond the pet shop. I think that the eastern blocks of Old Town would benefit from some sort of better safer pedestrian access. One idea I have is a four-way stop light for pedestrians with all traffic stopped including right turns. Also lowering the speed limit on Cedar/Larch, folks really haul down that overpass right into a very busy area around the pet shop and the Speedway. At times it is kind of scary to slow down to make the turn into the pet shop with people coming up behind you at 50+mph.
Yes, I think that is the major issue. The traffic on Cedar and Larch need to be a lot slower, and we can probably reduce the number of lanes on each road by at least 1 lane. I like the 4-way stop, which could be only activated when a pedestrian requests it.