5.2. SR 09-17-2007 - Laserfiche WebLink

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E]-~-!~ ~vcr Downtown Parking Study EXECUTIVE SUMMARY The existing supply within the study area is approximately 745 parking spaces. To operate efficiently a parking system should have an operating cushion of spaces. To accommodate this cushion an effective supply factor is commonly used when comparing supply versus parking demand. The existing effective supply is judged to be about 664 parking spaces, or about 89% of the actual supply. • Occupancy counts were conducted on Wednesday June 20, 2007. During the survey period the overall peak occupancy was about 50% occupied. The 50% occupied level was relatively steady from gam through 1 pm. Significantly, these counts were made prior to the modifications to the permit system. • Turnover data was also collected for the on-street spaces and the City controlled off-street spaces. The highest turnover rates occurred along Main Street and Jackson Avenue with rates ranging from 3.2 to 3.9. This data suggests that the shorter term parking spaces are being used as intended. • The existing demand for parking spaces, after adjusting for the large number of construction personnel currently working in Downtown, is estimated at about 330 parking spaces. The future demand for spaces is estimated to rise to about 460 spaces when the two new developments are fully occupied. • The existing parking system has an estimated surplus of about 284 parking spaces. The surplus is expected to drop to about 168 spaces when the two new developments are fully occupied. • The future surplus of spaces will be able to support approximately 15,700 S.F. of additional development, including the City Lots located north of Highway 10. If the two lots north of Highway 10 are not considered, the future surplus of spaces will be able to support about 6,500 S.F. of additional development. • The King Avenue Lot site is the best potential site for parking structure in Downtown Elk River. • Four conceptual designs for a parking structure on the King Avenue Lot were developed. Construction cost estimates for the concepts range from $4.6 million to $7.9 million. The estimated total project cost per added space range from $25,500 to $32,200. September 2007 Carl Walker, Inc.