Uptown Transportation Study CHAPTER 7: PARKING - OKI

Uptown Transportation StudyPart A: Uptown Transportation Planspace per month. The comparable project cost of $3,000 per space and $150 per space per year toown and operate an unattended surface parking lot results in a break-even point of $30 per spaceper month. If the lot is attended, operating costs could increase to as much as $400 per space peryear, increasing the breakeven point to $50 per space per month.The many universities and institutions charging parkers $10 per month or less for surface parkingare not even charging enough to recover costs of owning and operating surface parking, resultingin significant "sticker shock" when trying to figure out how to pay for structured, attended parkingthat will cost about $120 per month, or more, just to break even.Conceptual Cost ConclusionIn addition to capital costs, the costs of operation are estimated at $400 per space per year for thepurpose of this exercise.To assign a range of the conceptual cost of development and the potential annual debt burden fromthe proposed undertaking, the following assumptions are presented:Table 7-28: Conceptual Parking Development Cost (2005$)Design Capacity 2,500 spaces 2,500 spacesHard Cost per Unit $ 10,000 per space $ 15,000 per spaceHard Cost $ 25 million $ 37.5 millionSoft Cost @ 15 percent $ 3.75 million $ 5.62 millionLand Cost @ 10 percent $ 2.5 million $ 3.75 millionConceptual Project Cost $ 3.25 million $ 46.88 millionAnnual Cost of FinancingPayment (6 percent, 25 years) $ 2.45 million $ 3.68 millionOperating Cost @ $400 per month $ 1 million $ 1 millionTotal Operating Cost $ 3.45 million $ 4.68 millionAnnual Cost per Space $ 1,380 $ 1,872@ 0.40 Presence Factor – per Student $ 550 $ 750@ 0.75 Presence Factor – perFaculty/Staff$ 1,035 $ 1,400Transit is an additional cost.Funding and FinancingThe following maximum transient parking fees are currently charged by the Consortium memberswithin the district.Uptown Transportation Study 7-54 URS CorporationNovember 2006