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This feels like a huge waste of money. We need better wayfinding for existing parking and we need to encourage consolidation of parking to garages, but quantity certainly isn’t an issue. 27% of the most valuable land in all of Marion County being dedicated to the lowest-value land use is absolutely nuts. If there’s anything we should be studying, it’s the opportunity cost of lost property and income tax revenue by not aggressively developing these parking lots into housing and commercial space.
For example: The parcel at 350 Massachusetts Avenue has an assessed taxable value of $5.3 million ($3.2 million in taxable value per acre). It’s not a large building, a simple 4-story structure that was constructed in 2015.
The lot immediately across the street, 363 Mass Ave, is a surface parking lot. It has a taxable value of just $530,000 ($143,343 per acre).
Downtown is a highly valuable resource that is vital to shoring up our tax base and we are wasting it on parking.
Oops, my calculations were backwards. The parcel at 350 Mass Ave has a per acre taxable value of $8.6 million and the parcel at 363 Mass Ave has a per acre taxable value of $2.03 million. Regardless, I still stand by my point.
AR, think to the next level: parking doesn’t exist in isolation. It’s there to support other downtown property uses, especially large shows, games, and events. The value to the City as a whole is greater than its AV and property tax.
For example: if there weren’t several thousand parking places near the Murat Shrine/Old National complex, would people who don’t live within walking distance drive from other parts of the metro area into downtown for dinner and a show? The restaurant building owners and operators as well as the people who work there pay taxes generated in part by the accessibility parking provides.
Your calculations ignore that second-order value of the parking spaces (on the street and in parking lots).
Yes, there are some perverse incentives at work here rewarding owners of parking lots in highly desirable urban areas with much lower tax rates. It encourages property owners to hold on to parking lots for decades waiting for that killer land deal.
How about that! It was The City’s brilliant idea years ago to build affordable housing on parking lots and remove the requirements for spaces in an effort to push walking and cycling in downtown. Did they not see this coming? Once again… failed policy.
Most of the new residential built downtown on parking lots has been market rate rental housing. See: Market 360, the Milhaus apartments east of there, the apartments at the foot of the Regions Bank Tower, etc.
I don’t think the city has said downtown is short of parking. They don’t know, hence the study. If it’s going to be like last time, they will find there is an excess of parking, and the current policies will stay as is, or even get a little less stringent.