Parking in Waterloo Region

[mpd618]

Are they really? A steel car park has a carrying cost of about 2 dollars a day on a 20 year mortgage. Is that not something people are prepared to pay?

If you get a loan and build a steel structure car park you need about $2 per car spot per day to pay the mortgage in 20 years. To this you need to add the cost of the land, but I'm assuming we are talking about building on city owned property.

My understanding is that structured parking, and certainly the quality of structured parking that the City of Kitchener would want in a new downtown build, would cost more like $30K per spot. However many hundred the Tannery would have needed would have been a sizable amount in the context of a $30m redevelopment.