Tag: parking

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Up To Speed

Parking Requirement Removal Makes Housing More Affordable

Parking Requirement Removal Makes Housing More Affordable

Hot on the heels of Cincinnati’s move to begin eliminating parking requirements in the urban core, UCLA has released a study that highlights how excess parking from parking requirements contribute to the increase in rent or mortgage payment for developments that may not need as much parking as a city’s code requires. The study highlights how parking spots, costing between $30,000 to $50,000 a space can raise rents by as much as $140 a month. More from Streetsblog:

Minimum parking requirements result in more space being dedicated to parking than is really needed; in a world of height limits, floor-area ratios, and endless other development regulations this necessarily leaves less space for actual housing. What really struck me, though, was the straightforward assertion that housing marketed toward non-drivers sells for less than housing with parking spaces. It’s powerful, but it’s also obvious: parking costs money to build, so of course buildings with less parking are cheaper. But to have research-driven data behind it adds force to the conclusion.

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Business Development News

Cincinnati Aims to Use P3 to Upgrade Parking Assets, Leverage Economic Development

Last week, Cincinnati City Manager Milton Dohoney unveiled the city’s plans for modernizing its parking assets through what he called a public-public partnership.

The plan calls for a 30-year lease on thousands of on-street parking meters, and a 50-year lease on 2,363 spaces in five city-owned garages and four city-owned lots. The deal includes an initial $92 million upfront payment, and an estimated $3 million annual installment payment.

The other public partner in the deal is the Port Authority of Greater Cincinnati, who would oversee the operation of the parking assets. Xerox would work with the Port Authority to manage on-street spaces, while Denison Parking would help manage the garages and lots. The financing muscle behind the deal would be AEW Capital Management and Guggenheim Partners.

City officials note that the collection of private partners will be known as the ParkCincy Team.

Organizational Structure
The organizational structure under the proposed parking asset deal would keep the City of Cincinnati in charge. Provided.

In addition to the complex financial structure of the deal, the City of Cincinnati will see its parking assets dramatically modernized in the coming years. All on-street parking meters will be replaced by electronic meters that accept credit cards, and will be monitored to allow for those searching for a parking space to get real-time information on parking availability.

Several parking structures throughout the center city will also be overhauled. The crumbling Pogue’s Garage at Fourth and Race Streets will be torn down and replaced by a 30-story residential tower with a 1,000-space parking garage that will reserve more than half of the spaces for public use. Across the street, the 500-space Tower Place Garage will be renovated and expanded into the existing and vacant Tower Place Mall by another 500 spaces.

The improvements to be made to the Pogue’s Garage site and Tower Place Garage are being assisted by $12 million in city financing made available through the lease’s upfront payment.

Current-vs-Proposed
The proposed deal would significantly simplify the City’s accounting responsibilities with regards to its parking assets, but it would shift the bulk of annual revenues to the ParkCincy Team. Provided.

As part of that $12 million deal, the Port Authority will work with the developer to construct the planned $14.2 million 725-space parking garage, near the Horseshoe Casino at Seventh and Sycamore Streets, in place of the deteriorating parking garage at that site. The new garage’s development, meanwhile, is expected to jump-start the adjacent development of the proposed 115-room Holiday Inn & Suites.

In order to make the deal worthwhile for the Port Authority and the ParkCincy Team, parking meters will be in effect from 8am to 9pm downtown, and 7am to 9pm in other neighborhoods. Parking rates will remain the same downtown, but rates will increase to $.75 an hour once meter upgrades have been made.

Mayor Mallory’s Administration reviewed the bids and decided to take a lesser upfront payment in order to avoid some of the pitfalls experienced in Chicago, as pointed out by critics of Cincinnati’s deal. The City of Cincinnati sacrificed roughly $50 million in order to maintain control over certain aspects of the parking inventory including first ten minutes free at downtown meters, free parking on Sundays and holidays, and oversight on rate increases and enforcement.

One very crucial aspect is that the city will retain control over the price of parking, which will be determined by a board made up of City and Port Authority representatives, and rate increases will be capped at 3% annually.

In addition to the $12 million for the development at Fourth and Race Streets, the remaining $80 million from the upfront lease payment will go towards the following items:

  • $20 million to jump-start the Martin Luther King Drive Interchange at I-71;
  • $4 million to accelerate the next phase of Smale Riverfront Park in order to be complete in time for the 2015 All-Star Game;
  • $3 million to acquire the Wasson Corridor right-of-way;
  • $6.3 million to bring the City’s reserve savings account to its goal of 8%;
  • $25.8 million to balance the City’s 2014 budget; and
  • $20.9 million to balance the City’s 2015 budget.

City officials hope the $20 million for the MLK Interchange will accelerate its construction, but is contingent upon the Ohio Department of Transportation (ODOT). The project, officials say, will have a $750 million economic impact and create between 5,900 and 7,300 permanent jobs.

Should ODOT officials turn down the deal, City officials have said that they are prepared to redirect the funds to a 2,500-job “mega deal.”

The administration’s parking modernization and lease agreement requires approval from the Planning Commission and City Council before being finalized. The Planning Commission will vote on the matter this Friday at 9am, with a full City Council vote expected shortly thereafter.

Randy A. Simes contributed to this story.

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Business Development News

Pogue’s Garage to Make Way for 30-Story Residential Tower, Grocery Store

Former Design Concept [Provided]

Cincinnati City Manager Milton Dohoney briefed City Council’s Budget & Finance Committee of the specifics of a plan to modernize and lease some of the city’s parking assets. Part of the immediate $92 million infusion, as part of the plan, would be used to spark the redevelopment of Tower Place Mall and Pogue’s Garage.

Dohoney stated that the vacant Tower Place Mall would be converted into a 500-space parking garage, with 20,000 square feet of street-level commercial spaces fronting onto Race and Fourth Streets.

“Residential is a huge factor in the ability to attract and retain retail, but what retail really wants is customers,” explained David Ginsburg, President/CEO of Downtown Cincinnati Incorporated (DCI), with regards to the state of the center city’s retail scene.

285333_10151760214824698_747240426_n Pogue's Tower
The City of Cincinnati has struck a deal that would tear down the crumbling Pogue’s Garage and replace it with a mixed-use residential high-rise. Renderings provided.

To that end, the adjacent Pogue’s Garage, as part of the project, would be torn down and the site rebuilt with a 30-story mixed-use tower with 300 luxury apartments, 1,000 parking spaces, and a 15,000-square-foot grocery store.

The reconstruction of Tower Place Mall, city officials say, would be overseen by JDL Warm, and would begin as early as fall 2013. The redevelopment of the Pogue’s Garage site would be overseen by Flaherty & Collins, which would be funded with $82 million in private investment and $12 million from the City through its new parking lease.

Project officials say that all of the financing is in place, and a new-to-market grocery store has been secured for the new mixed-use tower.

The new tower’s contemporary architecture would contrast the historic high-rises flanking it along Fourth Street, and would dramatically change the street’s landscape.

One other component of the project requires the developer to also build the planned 725-space parking garage on Sycamore Street, which is adjacent to the proposed 200-room Holiday Inn & Suites.

A timetable has not yet been set for the $94 million project, but work would seemingly be able to begin as soon as the proposed parking lease is approved by City Council. The City of Cincinnati and DCI are currently working with Paragon Salon regarding its space in the Pogue’s Garage. No details have been shared, but Paragon’s lease runs through 2017.

“We need to make sure that everything is working all the time on all cylinders,” Ginsburg told UrbanCincy with respect to the hierarchy of needs for downtown investment. “If I were to get a bumper sticker for my bicycle or my car it would just be one word – more. Downtown needs more residents, it needs more businesses, it needs more workers, it needs more diversity.”

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Business News Opinion

Free parking crusader strikes Over-the-Rhine, channels inner Cool Hand Luke

Vandalized Parking Meter in OTR

Slashed meters and broken meter tops liter the normally beautiful Orchard Street in Over-the-Rhine, and many other streets throughout the historic neighborhood.

The epidemic of destroyed or stolen parking meters is plaguing this beautifully dense city neighborhood where on-street parking is an ever-increasing concern for new residents.

Residents began to notice the meters being vandalized in November 2012 when the city initially announced its intentions to lease its parking system to a private entity. The city insists that the vandalism and parking privatization is not connected. However, UrbanCincy’s investigative sleuthing has found that although the meters are not connected to city sabotage, they are instead connected to a lone vigilante who wants nothing more than to park…for free!


Cincinnati has its very own Cool Hand Luke!

“You shouldn’t have to pay to park,” exclaimed the culprit from a shadowy street corner.

The vigilante who goes by the name Free Space Man, agreed to speak to UrbanCincy only after we agreed to pay for his two-hour metered spot on Liberty Street so that he would not harm the meter. The vigilante described his day-to-day activities, meticulously choosing the meters to be vandalized and deciding on the best time of day to strike.

He says he travels the country, setting out to rid the world of working parking meters so he can park his 2007 Range Rover at metered spots for free. He came to Cincinnati when he heard about the parking privatization.

“I didn’t even know you had meters and now the city is selling them off. Parking should be free…why do they even charge? That’s the real crime,” Free Space Man said as he sliced off another parking meter at the corner of Elm and Green Street.

Attempts at trying to inform the vigilante on the revenues parking brings in to the city and how it allows businesses to turnover spots for patrons seemed to fall on deaf ears with this eccentric individual.

The vandal disclosed that his most brazen act of social defiance was in San Francisco, where leaders there attempted to install smart parking meter technology. One day, shortly after the new meters installation, a parking meter head was found at the foot of the mayors’ bed with coins still rolling out from its receptacle.

“That man was a menace to our town,” disclosed Tom Delegado, the mayor of San Francisco City Hall on foursquare. “He’s a terror to parking enforcement everywhere!”

Officials who have dealt with the villain have described him as squirrely and demented, and warn that the only defense measure is to throw copies of Donald Shoup’s 763-page book, The High Cost of Free Parking, at the bandit until he finally flees to another town, hopefully never to return.

Categories
Business News Politics Transportation

Uptown neighborhoods looking to reform on-street parking policies

The streets of Clifton Heights, University Heights, and Fairview (CUF) are becoming more congested each year. As the University of Cincinnati (UC) enrollment increases, it has become a struggle to provide enough housing units and places to store automobiles.

This growing population shines light on a problem CUF has struggled with for more than 30 years. It is hard not to notice that Cincinnati’s urban core is on the up-and-up, and the work that organizations like the Cincinnati Center City Development Corporation (3CDC) and OTR A.D.O.P.T. are doing in Over-the-Rhine is making the area more attractive to young professionals, artists, students, and even some older suburbanite emigres. And this is a trend that seems poised to continue as gasoline prices continue to rise.


Proposed parking reform plan for uptown’s Clifton Heights, University Heights and Fairview neighborhoods. Image Provided.

The increased interest in downtown will soon spillover into CUF which itself has many benefits – ample green space (Bellevue Hill Park, Fairview Park, and tree-lined streets), a variety of restaurants and nightlife, unique cafes, beautiful houses and of course its proximity to UC, Findlay Market, Over-the-Rhine and the Central Business District. An influx in residents means more people, more cars and tougher competition for car storage in a neighborhood proudly built in an age before automobile parking was mandated by law.

It was with all of this in mind that the CUF Neighborhood Association (CUFNA) trustees formed a committee in the summer of 2010 to develop solutions to the parking problem. The committee, made up of longtime residents, landlords, students, new residents, and business owners, has worked for the past year-and-a-half to develop a plan to serve the parking needs of both residents and visitors alike.

The committee’s proposal is similar to San Francisco’s metered parking program, and calls for a market-based approach to allocating on-street spaces. It is envisioned that this will provide residents with greater certainty in parking while allowing better access for shoppers and visitors. The plan, which would ensure the constant availability of parking spaces, is projected to pay for itself and provide a substantial new source of revenue for either the City or a specific neighborhood improvement district.

The parking proposal calls for the introduction of priced monthly permits or smart-metered shorter term parking for the roughly 3,000 on-street spaces in Clifton Heights, University Heights and Fairview. The city’s Department of Transportation & Engineering (DOTE) would then be responsible for setting permit and meter prices each month to target an 85-90% occupancy rate.

The prices, advocates say, would be skewed in favor of neighborhood residents and would ensure that some spaces are always available when they are needed. Currently, residents and visitors alike can spend up to an hour circling not only on weeknights, but throughout the day as well.

Preliminary numbers indicate the revenue from permit sales alone could pay for around-the-clock enforcement while still generating a surplus of between $50,000 and $200,000 annually. San Francisco and Washington, D.C. have proven the popularity of such programs. With increasingly congested streets these cities began to set market forces on the efficient allocation of on-street vehicular parking.

Advocates of the idea say that they are still working to get the city’s support, but hope that progress can be made on the reforms sometime in 2012.