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Cost of parking

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COST OF PARKINGAPRIL 4, 2008The Parking ConundrumINEXPENSIVECONVENIENTInexpensive and convenient, but not abundant.ABUNDANTInexpensive and abundant, but not convenient.Convenient and abundant, but expensive.You can have any two, but not all three.There Is No Such Thing As Free Parking!• Parking is not free! However, the cost of parking is hidden from the end user.• The true cost of parking is a HUGE part of every project.• Parking is expensive in terms of land, improvements and operations.• Parking also is expensive in social and environmental ways. Free parking contributes to larger problems.• Free parking is not FAIR. Free parking must be paid in rent, taxes and/or the products you consume (tuition). Non-drivers, bus riders, bicycle riders, car-poolers (non-parkers) are forced to subsidize others when the true cost of parking is embedded in the cost of other things. • Free parking subsidizes single-occupancy vehicle (SOV) commuting over all other alternatives.Social and Environmental Costs• Direct environmental impacts include: • Excessive land consumption. Loss of greenspace (reduced landscaping, farmland and wildlife habitat)• Impervious surfaces increase storm water management costs. Oil and other pollutants wash off parking lots, exacerbating water pollution and degrade water quality.• “Heat Island “effects raise air temperature, resulting in higher air-conditioning bills in and around the campuses.• Generous parking requirements and free or low parking tend to discourage infill development and encourage sprawl (low density, dispersed development patterns). • If employees can park for free (or nearly free), the vast majority of employees will choose to drive. As a result, free parking tends to increase per capita vehicle ownership and use, and reduces the viability of other modes such as walking, cycling and public transit.Part of the solution lies in CHOICE?1. In our society, everyone is free to make choices every day.2. Every decision has costs - in money and time.3. We all pay more when others make poor choices. 4. Making good choices requires accurate information.5. It is difficult to make good choices and value alternatives rationally when the cost of the most wasteful and expensive choice is subsidized and/or hidden from the consumer.6. “Unbundling” the cost of parking from other costs allows the commuter to evaluate alternatives, as well as the personal economic impact of their decision.7. Transportation Demand Management (TDM) is a system to reintroduce choice by allowing the user to see the true cost of parking and make better decisions.What is TDM?• TDM requires that the true cost of SOV commuting and parking be “uncoupled” from other costs.• TDM promotes alternatives to SOV commuting:- Biking- Walking- Bus Transit-Car Pooling- Van Pooling• New federal tax laws allow commuting and parking costs to be included in “cafeteria plans” just like medical expenses and daycare. • Opting out of parking can result in “Cash Out” of parking benefits. (This is like being paid not to park!)• Not everyone has to change their behavior to make a difference.If just a few take part, the system becomes better for all.What is the Impact of a New Parking Structure?The project cost to build a parking structure is driven by the following key factors: 1. Number of Spaces Required, 2. Construction Costs3. Operating Costs, and 4. Cost of Capital (Financing Costs).Typical Construction Costs(R.S. Means - 2007)Square Foot Costs'07 '06 % chg. '07 '06 % chg.by CityAtlanta 35.85 33.48 7.1 56.63 53.28 6.3Baltimore37.21 34.79 7.0 58.79 55.37 6.2Boston46.28 43.29 6.9 73.11 68.90 6.1Chicago 45.43 41.83 8.6 71.78 66.57 7.8Cleveland 40.34 37.60 7.3 63.73 59.84 6.5Dallas33.68 31.61 6.6 53.21 50.30 5.8Denver38.14 35.88 6.3 60.25 57.10 5.5Detroit 42.11 40.18 4.8 66.52 63.95 4.0Houston 35.49 32.84 8.1 56.06 52.27 7.3Kansas City41.34 38.76 6.7 65.31 61.69 5.9Lo s A ng e l es42.91 40.00 7.3 67.78 63.65 6.5Miami 34.81 32.43 7.3 54.99 51.61 6.5Minneapolis45.03 42.02 7.2 71.14 66.87 6.4New Orleans 34.73 32.36 7.3 54.86 51.49 6.5New York City52.49 49.40 6.3 82.93 78.61 5.5Philadelphia 45.83 42.84 7.0 72.41 68.18 6.2Phoenix 35.81 32.81 9.2 56.57 52.21 8.4Pittsburgh 39.66 37.52 5.7 62.65 59.72 4.9Portland, Ore. 40.98 38.69 5.9 64.74 61.57 5.2St. Louis41.66 38.31 8.8 65.82 60.97 8.0San Diego 41.82 38.95 7.4 66.07 61.98 6.6San Francisco 48.84 45.58 7.2 77.16 72.53 6.4Seattle41.74 39.02 7.0 65.95 62.10 6.2Washington, D.C. 39.34 36.51 7.7 62.15 58.11 6.9Winston-Salem, N.C. 31.72 28.69 10.6 50.11 45.65 9.8Mean SF Cost 40.53 37.82 7.3 64.03 60.18 6.5Minimum SF Cost 31.72 28.69 4.8 50.11 45.65 4.0Maximum SF Cost 52.49 49.40 10.6 82.93 78.61 9.8Parking Garage Underground ParkingMinneapolis $45.03/SFSoft CostsLow HighArchitectural/ Engineering Fees5.0% 9.0%Client Administration 1.0% 2.0%Financing 3.0% 5.0%Survey 0.25% 0.50%Geotechnical Report 0.50% 1.0%Testing (Soil, Concrete, etc.) 1.0% 2.0%Construction Contingency 4.0% 6.0%Total 14.25% 25.5%Say: 15% to 25%Note: Soft costs are all a function of construction costs.Project Cost for 1,000-Space StructureComponent CostHard Cost $45.00/SFEfficiency 330 SF/Space $14,8501,000 Spaces $14,850,000+ Upgrades Façade, Amenities 15% 2,227,500Total Hard Cost 17,077,500+ Soft Cost 20% of Hard Cost3,415,500+ Land Cost Not included $0Total Conceptual Project Cost $20,943,000Cost per Space $21,000±Operating ExpensesMedian Annual Cost per Space:-Attended- -Unattended-Wages & Benefits $145.00 $0.00Management Costs $60.00 $70.00Security Cost $70.00 $90.00Utilities $50.00 $45.00Insurance $15.00 $10.00Supplies $10.00 $5.00Routine Maintenance $35.00 $65.00Structural Maintenance (Reserve$50.00 $50.00Elevator/ Equipment Maintenanc$10.00 $10.00Other Expenses $75.00 $35.00Total $520.00 $380.00Breakeven Revenue Model (Non-Profit)Assumptions:Percent Financed 100%Interest Rate 5.0%Amortization Period 25 years200$ 300$ 400$ 500$ 600$ 700$ 800$ 12,000$ 88$ 96$ 104$ 113$ 121$ 129$ 138$ 13,000 94$ 102$ 110$ 119$ 127$ 135$ 144$ 14,000 99$ 108$ 116$ 124$ 133$ 141$ 149$ 15,000 105$ 114$ 122$ 130$ 139$ 147$ 155$ 16,000 111$ 120$ 128$ 136$ 145$ 153$ 161$ 17,000 117$ 126$ 134$ 142$ 151$ 159$ 167$ 18,000 123$ 131$ 140$ 148$ 156$ 165$ 173$ 19,000 129$ 137$ 146$ 154$ 162$ 171$ 179$ 20,000 135$ 143$ 152$ 160$ 168$ 177$ 185$ 25,000 164$ 173$ 181$ 189$ 198$ 206$ 214$


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