ANALYSIS:
Parking Demand:
Municipal Parking Lot No. P55 is a metered parking lot located at 2660 Collins Avenue, the site of the subject garage project.
In 2015, the Walker Parking Demand Analysis referenced high utilization at the subject metered parking lot. Data collection was conducted on Thursday, November 20, 2014 and Saturday, November 22, 2014, at 12 Noon, 5:00pm and 10:00pm.
Walkers findings were that all but one data collection point had an occupancy rate of over 85%+ (depicted in "red" meaning users experience difficulty finding available parking). The one data collection point exception had an occupancy level ranging between 70% to 84%, depicted in yellow, one grade below red.
The initial recommendation to develop a garage on this site was based on these findings.
Subsequently, factors such as ride sharing (Uber/Lyft) have impacted parking utilization. A review of parking utilization (in hours) at Municipal Parking Lot P55 over the last three fiscal years reflect a decline in parking utilization. Please refer to the chart below:
It is important to note that parking utilization declined by 25% from FY 16 to FY 17 and by a cumulative 45% in the first two quarters comparing FY 16 to FY18.
For a broader view of declines in parking utilization system-wide, please refer to the attached parking utilization reports.
Funding:
In past years, the Parking Fund has generated sufficient surplus to allow transfers to the General Fund and Transportation, in addition to funding renewal and replacement needs in parking lots and garages, and funding new parking garages. Given recent declines in demand and the potential for further declines in the future, parking revenues and expenditures will need to be carefully managed going forward. A summary of the net annual surplus of the Parking Fund over time is set forth below:
