There's No Such Thing As Free Parking | ThinkProgress: "In many locations, it comes down to the cost of land. An acre of land only parks around 120 cars. So, where an acre is worth $1.2 million, the cost of the land is $10,000 per space. Parking garages would seem to be a smart choice where land is expensive, because the cars are being stacked. However the construction is expensive and the higher up you go, the larger the steel members have to be.
Construction costs are typically between$20,000 and $40,000 per space. Of course the prettiest parking is underground, because it is invisible to the urban landscape. However this is the most expensive parking. Developers have told me that this parking is around $100,000 per space. So the simple answer is that parking costs a lot."
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