You didn’t read it wrong!
Carmel paid $116,847/space
for 184 spaces. $21.5M Total
How much is the highest median cost / most expensive space in America, next to Carmel, it is $27,526 in NYC. Indy averaged $18,753.
Edit note: March 20, 2019 – Received documentation that total paid was the $21.5M shown on attached contract. Not $30M referred to and highlighted in press story.
Read ’em and weep…
The Promise
Mayor Brainard makes up numbers. He initially claims (above) he can add 2,000 underground spaces for $30M.
That is $15,000/space for underground parking, a reasonable cost in the Indy metro area. We did not end up going underground and we actually paid Eight (8) Times as much as the original quote for each parking spot that was built just 5 years later.
So, what REALLY happened?
You paid $21,500,000 for 61 Public spaces ($352,459/space) in the City Center Parking Garage, the rest (123) are reserved for Pedcor leasees.
The total cost per space is $116,847/parking space based on the total of 184 spaces.
The fact is the Mayor PROMISED 2,000 underground parking spaces.
Am I reading this wrong? It’s entirely possible.
I’m not certain the intent wasn’t to confuse.
The current (2016) cost per space for Parking Garages is less than $20,000 in Indy and approximately $31,000 in Boston in 2016 dollars (explanation below in hyperlink).
“The cost per parking space for an underground garage. For example, the average cost of constructing an underground garage in Boston is $95 per square foot, and the average space occupies 330 square feet, so the average cost of a parking space is $31,000 ($95 × 330).”
The High Cost of Parking – Donald Shoup – https://en.wikipedia.org/wiki/The_High_Cost_of_Free_Parking
So what was the Mayors commitment worth? A lot to Pedcor who got an 800% increase in revenue/parking space PLUS was given exclusive right to use of 123 if the 184 spaces for Pedcor Leasees.
The Contract for City Center Parking Garage
The last highlighted line is a must read! It was all done for you, the fine citizens of Carmel.
