Click to enlarge
Hat tip the long time commenter here on DaCola offered this link to an interesting study from 2015 on parking ramp costs;
Parking is expensive. It costs thousands of dollars per stall to build. It occupies valuable real estate. It is ubiquitous, accompanying nearly every building built across the United States. Yet at nearly every destination, drivers don’t directly pay for the parking they use. Instead the cost is hidden, bundled into the grocery bill, benefits package, and rent of every shopper, employee, and tenant.
Everyone pays the same amount for parking whether she or he walked, rode transit, carpooled, or drove alone, but rarely does anyone see that price itemized on a receipt. As a result, most people are unaware of the heavy financial burden they bear for the sake of parking. The above graphic takes a look at one area where parking adds significantly to a household’s expenses: Rent.
So how much does one parking spot add to an apartment’s rent? There is no single answer to that question. Construction costs are affected by local soil conditions, zoning requirements, site constraints, regional differences in construction costs, and the type of parking to be built. On the other hand, the rent needed to justify an initial capital investment varies according to local property taxes, financing costs, resident turnover and delinquency rates, et cetera. The graphic attempts to present the range covered by these variables while providing numbers that might be considered typical for structured parking in the United States.
I see that I’m right about the cost overrun. Even in LA and San Fran that have to build for earthquakes is cheaper.
http://www.argusleader.com/story/news/city/2017/11/17/report-shows-parking-ramp-spaces-cost-sioux-falls-twice-national-median/874662001/
i wonder how mmm will spin this.
Look on the bottom of the image and you will see a source of this information is Carl Walker “Parking Structure Cost Outlook†2014. Is the the same Walker being cited by the city?
I see how city participation in the hotel project is beneficial. I can’t help but believe taxpayers are not only funding the parking garage but there’s expenditure for the hotel itself. A garage is important so that hookers can come into the 1st thru 7th elevator lobbies without passing the hotel front desk.
What is learned from Huether’s 8 years is everything costs double and it’s inferior construction. We know not to trust any city involvement. I get the feeling taxpayers are building a garage and a hotel.
Should the city build a parking garage for a commercial hotel? Maybe, but the garage becomes a part of the hotel loan value. Can the garage be sold later to the hotel? Will this garage become free parking for other than hotel users? Will there be loss of meter parking revenue? The city should charge the hotel and others for this public parking structure.
Bruce, they are one in the same. Google that. You will see that it is affirmed once again that we are being charged TWICE the going rate. Every councilor should also read this cover to cover. It is our own Walker Parking Study conducted just 3 years ago. It also confirms again we are being hosed at twice the going rate. Also, pay particular attention, about a third of the way in, about all the private parking options available DT. There is twice as much private parking as public. Especially on the southern edge of what is considered DT. Also a lot of parking available just west of Minnesota Avenue. Prices for public parking will have to increase to meet bond obligations. Thats when the public will have no choice to walk a little farther to work. An old saying.
Bull$hit talks, Joe Sixpack and his money will walk.
https://www.siouxfalls.org/-/media/Documents/community-development/public-parking/parking_demand-analysis-14.ashxOops. Forgot the Walker Study. Read it. You won’t regret it.
We should build a property tax/education model based on a user fee.
“A garage is important so that hookers can come into the 1st thru 7th elevator lobbies without passing the hotel front desk.”
Hahahahaha…. that comments makes my day! (But why can’t drapery hangers use the front desk elevators?)
https://www.washingtonpost.com/politics/blues-brothers-don-jr-and-eric-trump-gamble-on-mississippi-tourism/2017/10/22/e906c8f0-aacc-11e7-b3aa-c0e2e1d41e38_story.html?utm_term=.1fc916d600f0