Revitalization Commission Agenda and Packet 2016 08 08

Home Browse Search

SUBJECT: DATE: DOWNTOWN PARKING DISCUSSION AUGUST 8, 2016 PAGE 3 OF 5 for the "build -out" of downtown. Solutions identified should fit within the small town character of Downtown Louisville, meet vehicular access requirements, be financially sustainable, and if necessary, ensure appropriate architectural transitions for portions of downtown adjacent to the Old Town neighborhood. Since the parking study and action plan in 2014, the City has made several investments to acquire and develop parking. They are: • Entered into an evening use lease with Koko Plaza for 45 spaces. • Purchased .638 acres in the DELO area to accommodate 70 new parking spaces. • Entered into a contract to purchase a 25 space parking lot from the Blue Parrot Restaurant. DISCUSSION: Since 2014, activity in downtown has expanded and parking demands have increased as a result. The Study identified a need of 300 new spaces to accommodate Old Town neighborhood shortages, 130-325 new spaces to accommodate the current Downtown parking shortage, and 160 - 400 spaces to accommodate full -buildout of the downtown area. In total, the downtown area needs significant parking supply to address the current and future parking supply shortfall. The recent community citizen survey noted parking availability in downtown was topic of interest, resulting in it being the 5th most desired issue (basically tied with recreation facilities) with 50% of respondents stating it was essential or very important. Parking Constraints There are several constraints present that limit the City's ability to significantly increase downtown parking availability: • Additional public surface parking would likely require building removals. • All private parking stalls are utilized to satisfy the building's parking requirements, limiting City purchases of existing spaces. • Land prices in downtown are above $50 per square foot. • Free parking in downtown limits funding pursue additional parking supply solutions. • Downtown property owners contemplating redevelopment identify satisfying their parking requirement as a major barrier in advancing a project. Achieving New Parking Supply When discussing solutions for getting additional parking supply, building a parking structure is often mentioned. Parking structures are obviously expensive to build and maintain, but have some notable benefits: 1. They utilize less real estate to accommodate a greater amount of parking spaces 2. Give visitors, residents, businesses, employees, and residents a dependable `first place' to go for parking, instead of circling the area for an available spot. LOUISVILLE REVITALIZATION COMMISSION 9