PRINCIPLE NO. 9 Structured Parking
Provide meaningful incentives to encourage structured and shared parking to make it more economically viable.
Notes:
The type of parking facility constructed in a given area is usually a reflection of the cost of land weighed against construction expenses. Consequently, in suburban and rural areas, surface parking costs less than structure parking, while in highly urban areas, parking garages may be more economical than purchasing additional land.
Vertical parking structures can significantly reduce impervious cover by reducing acreage converted for parking. Without incentives and given the economics of surface parking versus garages, it is unlikely that garages will become the norm. Incentives for defraying some of the costs of parking garages could come in the form of tax credits, stormwater waivers or increased density, floor area or height bonuses. One way that developers can save on the cost of garages is by incorporating parking below or above an actual building, reducing the land cost chargeable to parking.