Uptown Transportation Study CHAPTER 7: PARKING - OKI

Uptown Transportation StudyPart A: Uptown Transportation PlanBased on the needs projection, planning for the construction of the first 2,500-space parkingstructure is recommended, with completion anticipated prior to 2010 to ensure that an adequateparking supply is maintained. A construction period of 12 to 18 months is anticipated.Applications for grants or options requiring legislative or political approval can add significantadditional startup time to the project.Upon completion and absorption of this first parking structure, this study recommendsrecalibrating the parking model to recalculate the space requirements for a second parkingstructure.In the interim, parking fees should be increased at greater than the rate of inflation in order tobuild a surplus of funds for this future expansion, and to avoid “sticker shock.”Conceptual Cost EstimateWith parking structure design efficiencies in the range of 300 to 350 square feet per space, thecost per structured space can vary from less than $9,000 per space in an extremely economicalfacility, to over $16,000 per space in a parking structure with a very high level of service,amenities, enhanced façade, and other architectural treatments.The average 2005 building cost for an average size parking structure of 1,000 to 2,500 spaces isapproximately $10,000 per space. This conceptual cost estimate includes simple concrete façadecomplementary with nearby buildings, as well as average amenities. These elements includelong-span construction, elevators, lobbies and stairs, utilities, and a small parking office.According to Office of the Associate Vice President and University Architect, project costs foruniversity parking structures have exceeded $15,000 per space.This conceptual construction cost does not include land cost, contingency funds, parkingequipment, financing costs, or other soft costs. The total project cost at completion for parkingstructures typically run 15 percent to 25 percent over the direct hard costs due to indirect costs.Financing can have a significant impact the capital cost of parking. Financing costs include thecost of obtaining the financing. The cost of financing is typically added into the amountborrowed. For early project planning, a reasonable assumption is that a total project cost,including a 15 percent factor for all soft costs, and an additional 10 percent for land cost, will befinanced over 25 years for a parking structure.Operating CostsThe following categories are typically included in operating expenses:• Labor costs (wages andbenefits)• Management fees/costs• Security costs• Utilities• Insurance• Supplies• Routine maintenance• Structural maintenance• Elevator/parkingequipment maintenance• Other expensesUptown Transportation Study 7-52 URS CorporationNovember 2006