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report print email Source: Editorial: New parking pay stations on the way
Parking garage = money pit
October 04, 2011 | 07:26 PM

A quick look at numbers ensures the parking garage is something that will never happen. 1996 International Parking Insitute numbers said its $5,000 to $15,000 per parking space to build a parking garage. Lets say build on with 200 spaces and lets go with the $15,000 because those costs probably have reached that level15 years later. That is a cool $3million just to build the garage. With 200 spaces, being packed 10 hours every day from mid April to mid September (which is unlikely to happen) that would make $135,000 at 50 cents an hour. Maybe you charge $1 an hour and raise that revenue to $270,000 for the year. The rest of the year, the garage is going to be pretty much empty ---- just look down Broad Street during the week in the offseason and even during the summer weekdays.
Theres upkeep on these garages regularly, so that costs money too. The numbers show that it would take 11 years just to pay off the original expenditure for the garage (23 if you only charge 50 cents per hour), not to mention the constant and costly upkeep of the facility. This also takes into the account all 200 spaces would be filled 10 hours a day for 135 days at $1 per hour parking. It doesn't take into account interest on borrowing for the garage, either.
Im not very good at math ..... but this doesnt seem like something that could break even at the worst.

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