Parking is simply the creation of new Land.
Parking in most cases is "lost revenue" and a non-income generating cost of development.
Parking - Is an amenity.
Parking - Should be efficient - low cost.
Parking - Should be user friendly.
Parking - Value is subjective.
Parking cost is a function of cost of land, infrastructure, efficientcy and construction.
COST HURDLES: ORDERS OF MAGNITUDE
On Grade Parking @ $4,000-$8,000/space.
Stand Alone Structured Parking Garage @ $12,000-$24,000/space.
Automated Parking Garage @ $40,000-$70,000/space.
Underground Parking Garage @ $40,000-$100,000/space.
Automated Parking Equipment (Installed Equipment Only) @ $25,000-$60,000/space.
Shuttle Bus Parking Services (Not including Land Lease) @ $250.00-$350.00/space per month.
Temporary & Movable Leased Parking Facilities @ $350.00-$500.00/space per month (includes on grade parking spaces)
** The above are an approximation of Magnitude of Costs
*** All Parking Garages are built using a "HYBRID" of materials including steel and concrete. Steel with concrete decks, cast in place concrete with steel reinforcing cast in the field or prestressed concrete with steel cast in at a casting yard.
Parking garages are most often delivered using one of the following construction methods:
Design/Bid/Build - Hire consultants to develop plans and then select a low bid from a construction company based on a lump sum and delivery date.
Design/Build - Hire a design builder to deliver your parking garage including design, construction and delivery duration.
Construction Management - Hire consultants to develop plans to a certain percentage then bid to construction managers and award to the construction manager with the lowest fee and general conditions. The construction manager bids the work to subcontractors and then selects, typically with knowledge and input of the owner.
Mark Twain once advised, “Buy land, they’re not making it anymore.” No doubt he was aware of the sky-rocketing cost of land in the rapidly urbanizing world of the Industrial Revolution.
The Wrong way to Park:
The Right way to Park:
Determine what you want... and what you believe provides you the greatest value.
Apply critical thinking through collaboration to insure that you get the most affordable, efficient, patron friendly, sustainable, low maintenance and durable parking solution available for your unique parking challenge.
Don't get hemmed in by group think or by outsourcing your critical thinking to others. Which ever way you go, in the end, it is always your risk.
Consider this... We don't buy cars, or anything else for that matter, by hiring someone to tell us what to buy. We don't get one expert for the engine, the body type, the tires, or the interior... we do our research and ultimately decide what we want and can afford.
Whenever we purchase something, the logic always starts out with what do I think I need? what do I think I want to satisfy my need? how much am I willing to spend to get what I want? what can I afford to spend? and in the end what does the thing I am buying mean to me after I have paid for it?
For most of us... this is how we live our lives... how we create the critical path to value what we purchase.
Parking, should be, is no different.
In the end, parking ultimately comes down to the availability of "LAND" that governs the largest magnitude of cost to your development. The rest is important but not the driver... don't get lost in group think.
Establish the Critical Thinking piece first... then direct your resources to achieve your parking goal accordingly.
"Price is what you pay. Value is what you get" - Warren Buffet (1930- )
"In God we trust. all others bring data" - Dr. W. Edwards Deming (1901-1993)