CityofSeattle

ParkingReview:ReporttoCouncilPLUSCommittee
April13,2015

Purpose
InresponsetodirectionfromtheMayorandCouncil,DPDandSDOTdevelopedthisreportaddressing
parkinginSeattle.TheCouncilpassedOrdinance124608,whichspecificallyrequestsananalysisoftheCitys
vehicleandbicycleparkingrequirementsforresidentialuses.

Parkingisanimportanttopicforcities,affectingthelongtermprospectsforacitysabilitytogrowand
evolveinwaysthatarefunctional,economicandlivable.Nationally,thereisanincreasingunderstandingof
therelationshipsamongparkingpolicyandhousingaffordability,thetransportationsystem,environmental
sustainability,qualityurbandesignandequity.Generationalshiftstodrivinglessandnotowningpersonal
vehicles,andnewtechnologiesarechangingexpectationsabouthowtocoordinateparkingsupplyand
demand.Choicesareexpandingandconvenienceisimproving.Locally,Seattlesvarietyoftransportation
optionsareburgeoningwithexpansionofcarshareoptions,taxis,companieslikeUberandLyft,bikeshare,
improvedpedestrianandbicycleinfrastructure,bus,streetcarandlightrailservice.

Ourcurrentpoliciesthatenabletailoringhowmuchparkingisprovided,basedonresidentsneedsand
alternativetransportationchoices,aretargetedtotherightareaswithinwalkingdistanceofwhere
transportationserviceisthegreatest,andintheplacesthatarefullyconsistentwithourcitywidegrowth
strategies.Simplyput,theapproachpreferslowercoststobuildhousingratherthanthestorageof
automobiles.ThisapproachwilldirectlyhelpmorepeoplebeabletoliveinSeattleandhavechoicesforhow
tomoveaboutthecityandregion.Thisapproachwilldirectlyhelplimitcongestioninourtransportation
system,andwillhelpachieveCitygoalsrelatingtogrowthmanagement,airquality,carbonfootprint,and
otherenvironmentalinterests.Requiringtoomuchparkingcreatescostburdensthataffectbusinesses,
residentsandourcitysinfrastructure.Webelievecontinuingourcurrentparkingpolicies,alongwithadding
residentialtransportationoptionsandusingonstreetparkingmanagementstrategies,isthemostrational,
responsibleandequitablechoicewecanmake.Increasingparkingrequirementsforvehicleswouldbecostly
andcounterproductive.

GuidingPrinciples
Belowareguidingprinciplesweveconsideredindevelopingthepreliminaryrecommendations.The
principlesareconsistentwithbroaderpoliciesintheMayorandCouncilsHousingAffordabilityandLivability
Agenda,MoveSeattlestransportationstrategy,theCitysComprehensivePlan,andotherCitypoliciesand
plans:

EncouragingresidentialandemploymentgrowthtooccurinUrbanCentersandVillages
consistentwiththeComprehensivePlansbasicframeworkformanaginggrowth.TheCitys
parkingpoliciesmusthelpachievethisobjective.

RetainingandenhancingSeattleneighborhoodswalkableandlivableurbanqualities,whichare
essentialandpreferabletoautomobileorientedpublicplacesandbuildings.

Prioritizinghousingaffordabilitytopreserveandenhancetheabilityofpersonsofalleconomic
meanstobeabletoliveinSeattle.Parkingisasignificantcostfactor.Itisalsooneaspectof
housingdevelopmentthatmaybeoptionaldependingonlocationandmarket.

Ensuringthatracialandsocioeconomicequityisakeyconsiderationinsettingparkingpolicies.

EnsuringintegratedandaccessibletransportationoptionsarereadilyavailableforSeattles
growingpopulation.

Managingonandoffstreetparkingmostefficiently.

Achievingbetterquality,moresecure,andmorecomfortablebicyclestoragefacilities,and
aidingavailabilityofbicyclingoptions,tofacilitatemobility.

Achievinglocalandregionalenvironmentalobjectivesthroughsoundchoicestoachieveair
quality,climatechange,andnaturalenvironmentalprotectiongoals.

DPDandSDOTFindings

Startingin1985,theCityhastakenaprogressiveapproachtoparkingstrategies,eliminating
parkingrequirementsformanyusesDowntown.Thisprovidesflexibilityforbuilderstotailorthe
amountofparkingprovidedtosuittheneedsoftheresidents.

Theflexibleapproachtoparkingwasexpandedovertimesothatnewdevelopmentisnot
requiredtoprovideparkinginUrbanCenters,lightrailstationareas,andmostpartsofUrban
Villages(onsiteswithina1/4milewalkofastopwithfrequenttransitservice).

Frequenttransitservice(FTS)isdefinedintheLandUseCode:atleast15minuteserviceforat
least12hourssixdaysperweek,andatleast30minuteservicefor18hoursofeveryday.
Metrousesasimilarbutmoreaccommodatingaverageheadwaymeasurethatdescribesfour
evenlyspacedtripsperhour,forexample,initsServicePlan.

Inareaswheretheflexibleparkingapproachapplies,about75%ofnewresidentialdevelopment
underrevieworpermittedoverthelastthreeyearshaveincludedparking:52of219
developmentprojectsprovidednoparking,representingabout2,400dwellingunitsoutofa
totalofnearly19,000dwellingunits.Theaverageamountofparkingprovidedisabout0.55
spacesperdwellingunit.SeeAttachmentformoreinformation.

Developmentwithreducedornoparkingisclusteringinpreferredgrowthareasincluding
CapitolHillandothercentercityneighborhoods,aswellastheUniversityDistrictandBallard.
Thisdevelopmentincludesmicrohousingandstudioapartments(relativelyaffordablehousing).

Providingparkingaddssignificantlytohousingconstructioncostsandultimatelythe
affordabilityofhousing.Aparkingspaceinastructurecancost$20,00050,000/space.See
Attachmentformoreinformation.

Requiringdeveloperstoprovideparkinginareaswellservedbytransitandothertransportation
optionsisinconsistentwithCitypoliciestoreducesingleoccupantvehicle(SOV)trips.

SincetheMayorandCouncilrequestedtheparkingreview,thefollowinghaveoccurred:
o

Proposition1(theSeattleTransportationBenefitDistrict)passed,fundingbusserviceto
improvecoverageonmanyroutes.

InresponsetoaHearingExaminerruling,theFTSDirectorsRulewillbeupdated,
resultinginastandardthatismorerestrictive,withparkingrequiredofmorenew
housingdevelopment.Acodeamendmentmaybedesiredtoapplyamorereasonable
andeasytouseapproach,whichisconsistentwithSDOTandMetrodefinitions.

DiscussionattheMayorsHousingAffordabilityandLivabilityAgendaworkgrouphas
recognizedthatparkingisasignificantfactoraffectinghousingconstructioncostsand
affordability.Itisalsorecognized,however,thatnotallsavingswillgototherenter.

MoveSeattlewasrecentlyintroduced,identifyingpriorityprojectsandprogramsto
improvetransportationacrossthecity,andseekingtorespondtotechnology
opportunities,climatechange,andcurrenttrends.

Thecurrentapproachtoonstreetparkingmanagementencompassesseveralstrategies:useof
31restrictedparkingzones(RPZs)withpermitsforresidentsbutlimitsonotherpublicparking,
plustwootherareasaddressingHuskyfootballgamedays;onstreetpaidparkingwith
performancebasedpricingbasedonatargetlevelofparkingavailability;otherplacesthatare
freebutwithsignedtimelimits;andavarietyofcommercialandpassengerloadingzones.

Neighborhoodshaveraisedconcernsaboutonstreetparkingcongestion.However,itisnot
likelythatestablishingnewoffstreetparkingrequirementswouldhaveanoticeableeffecton
onstreetparkinginanumberofareasbecausethereisnomechanismtocompelpeopletopark
offstreetwhenonstreetparkingismuchlessexpensive.Inotherareas,parkingcongestionhas
beenanissueformanyyears,soisnotlikelytochange.

Proposition1isfundingsixyearsofexpandedtransitservice,morethan200,000additional
hoursannually,thatisbeingdirectedtowardincreasingpeakhourservice(alleviatingbus
overcrowding),improvingnonpeakhourservice,andimprovingreliabilityofserviceto
numerouslocalandcommuterorientedbusroutes.

Freefloatingcarshareprogramexpansionhasallowed750freefloatingvehicleswithan
additional300400cominginthenextseveralmonths.

NewtaxiandTransportationNetworkCompanylegislationhasfacilitatedthousandsofnew
serviceprovidersforondemandtransportationthroughtaxis,Uber,Lyft,etc.

ProntoCycleSharehaslaunchedwith50stationsand500bicyclesintheUniversityDistrict,
Eastlake,SouthLakeUnion,Belltown,Downtown,PioneerSquare,theInternationalDistrict,
CapitolHillandFirstHill.Inaddition,the2015budgetincluded$600,000that,combinedwithan
anticipatedCMAQgrantaward,willbring1215newstationstotheCentralDistrict,LittleSaigon
andYeslerTerraceareas.
TheTransportationLevytofundMoveSeattlewaslaunchedandincludesadraftproposalfora
$900millionlevy.Theproposalaimstoimprovesafetyandmobilityforalltravelerspeople
walking,biking,drivingcars,movingfreight,andtakingtransit.

BestPractices
Nationalexpertsontransportationpolicyofferbestpracticesforgrowingurbanareas.Findingsinclude:

Takestepstoaidhousingaffordabilitybylimitingthefinancialimpactsofparkingonhousing:
Byconsumingspaceandaddingcostsof$20,00050,000ormoreperspace,astudydoneforthe
CityofPortland,ORconcludedthatgarageparkingadds$500/monthperunittolowrise
apartmentsonatypical10,000squarefootlot,withthegarageconsumingspacefor68
dwellingunits.
Avoidrequiringexcessparking:Providingmoreparkingthanisneededaddscoststohousing
development;theaveragebuildingprovides30%toomuchparkingtoserveitsdemands,
accordingtoKingCountysRightSizeParkingstudy.
3

Manageonstreetparking:Pricingandtimelimitstrategiesareeffectivetoolstomanage
parkingdemand.
Requirementsforoffstreetparkingartificiallysupportdriving:Minimumparking
requirementscandiscourageadoptionofothertransportationoptions,andaddtocongestionin
areaswherethereisnotenoughrightofwaytosupportadditionalvehicles.
Requiringmoreoffstreetparkingdoesnotdirectlyleadtolessonstreetparkingdemand:
Resistancetopayingforparkingmeansthatdriverswilltypicallyfavortheusuallycheaperon
streetparking.Requiringmoreparkingoffstreetislikelytocontributetoexcessesofunused
parkingandconsumptionofspacethateliminateshousingopportunities.
Increasingaccesstoandknowledgeabouttransportationhelpspeoplechoosefromavariety
ofconvenientandaffordableoptions:Asthereliability,proximity,andconvenienceoftransit
andsharedservicesincrease,peoplewillchoosetransitandotheroptionsthatincreasemobility
andputlessstrainontheirpersonalbudgets.
Housingandtransportationcostsarethegreatestburdensonhouseholdbudgets:Personal
livingcostsinvolvebothhousingandtransportation.InSeattle,thesecostsconsumearound
46%oftheaveragehouseholdincome.Manychooselongersuburbancommuteswithhigher
transportationcoststhatultimatelyconsumepersonalincomeandtakeawayfromanysavings
inhousingcost.Ourplansalreadyencouragegrowthofaffordablehousingneartransitasa
fundamentalsmartgrowthprincipleoftransitorienteddevelopmentandgrowth
management.Thisgiveschoicesthathelpcontrolbothhousingandtransportationcosts,aswell
asahostofpublicinfrastructurecosts.SeetheCitysComprehensivePlan,PugetSound
RegionalCouncilsGrowingTransitCommunitiesandVision2040.
Equitableapproachesthatprovidetransportationoptionsmakearealdifferenceforthose
whomostneedthosechoices:Transitandothermobilitychoicesshouldbeavailableand
convenientthroughoutthecity.Otherwisepeopleareleftwithoutoptions,ortheywillchoose
drivingdespitehighermonetarycosts,duetotimesavings.Thismostdramaticallyimpacts
lowerincomehouseholds.
Useacombinationofstrategies:Anyeffectivepolicieswillneedtouseseveralstrategies,
including:activelymanagingonstreetparkingrates,managingthetermsofrestrictedparking
zones(RPZs),promotingsharedparkingconcepts,definingparkingmaximums,andother
innovativestrategiesnotyetbeingused.

CommunitiesintheSanFranciscoBayAreaandWashingtonDChavepursuedthesekindsofstrategies
towardpromotingtransportation,parkingandpersonalmobilityefficiencies.Oftherangeofstrategies,
Seattlealreadyimplementsseveralsuchas:managingthepriceofonstreetparking,managingRestricted
ParkingZones(RPZs),promotingtransportationoptions,andallowingoffstreetparkingtobetailoredto
servetheresidentsofnewdevelopment.

PreliminaryRecommendations
DPDandSDOTarerecommendingthefollowing:

1. Maintaincurrentapproachtoallowtheamountofparkingprovidedtobetailoredtoservethe
residentsofnewdevelopmentinareaswithfrequenttransitservice(generallyUrbanCenters,Urban
Villages,andlightrailstationareas).
2. Requirearesidentialtransportationoptionsprogramthatincludesrequirementsformultifamily
buildingownerstoprovidetransitpassesandothermobilityoptionsforresidentsofnewbuildings.

3. ClarifyfrequenttransitserviceintheLandUseCodebyadoptingamaptoshowwhereparkingis
notrequired,providingmorepredictabilityforpermitapplicants,neighborsandDPDstaff.This
mapwouldbeperiodicallyupdatedtorespondtochangesintransitservice.
4. Removecodebarrierstosharedparkingoptions,andaddressgaragedesigntofacilitateshareduse
parking.Considercoderevisionstoallowbikeshareandcarshareinlieuofrequiredparking.
5. Updatebicycleparkingcoderequirementscitywide,tobetteraddresssecure,comfortable,long
termbicycleparkingneeds(residentialandnonresidentialuses).
6. Reviewresidentialparkingconditionsandidentifymethodstobettermanageonandoffstreetuse
inresidentialareas.IdentifyRPZprogramdemandmanagementstrategies.

Requiretransitpassesandothertransportationoptionsfornewresidential
development.

POTENTIALSTRATEGIES
Createaresidentialtransportationoptionsprogramthatwouldapplytoresidentialusesinnew
developmentinplaceswithnominimumparkingrequirement(UrbanCenters,UrbanVillages,and
lightrailstationareaoverlaydistricts).
Requirethatnewresidentialdevelopmentparticipateinaresidentialbasedtransitpassprogramas
providedbyKingCountyMetro.
o Termsofparticipationwillbefleshedout,withrespecttohowmanyoptions,chosenby
whichparties(landowners,homeownersassociations),forhowlong,andsubsidylevels,for
example.
o Alsoincludeinthisprogramenrollmentincarshareandbikeshareprograms,and
guaranteedridehomeservices.

Theongoingrolloutofexpandedfreefloatingcarshare,Prontobikeshare,taxiandTransportationNetwork
Companyservicesmeanstherearemoremobilitychoicesthanever.MoveSeattleandSeattles
ComprehensivePlanincludeafocusoncreatingaconnected,affordable,andmultimodalapproachto
transportationinthecity.KingCountyMetroisnowalsoofferingaresidentialORCAlikepassprogramthat
providespassesthroughbuildingmanagers/ownerstoresidentsatgrouprates.Recognizingthatfuture
developmentwillcontinuetogeneratenewresidents,newdevelopmentcanandshouldassistinfacilitating
transportationoptionsthatfurthertheCitysgoalsrelatedtolivabilityandaffordability.Actualcostsofthis
typeofprogramwillbeasmallfractionofthecostofbuildingnewparking.

Clarifyuseoffrequenttransitserviceasthebasisforparkingregulations

POTENTIALSTRATEGIES
Clarifythefrequenttransitservicedefinitiontoaccommodateslightvariationsintransitservice,to
useafunctionallyequivalentservicestandard(suchasfourbustripsperhour)toaddressminorgaps
ofonetothreeminutesgreaterthanthecurrentlydefined15minutes.
IncludeamapintheLandUseCodetodefinetheareawithfrequenttransitservice,ratherthan
requiredetailedcalculationsforeachproject.

ExploreotherCodechangestorecognizehowtransitservicefrommultipleroutes,headinginthe
samegeneraldirection,mayberecognizedasprovidingactualfrequenttransitservice
opportunities.

TheproposedchangestofrequenttransitservicewouldmaketheCodeconsistentwithdefinitionsusedby
KingCountyMetroandSDOTfortransportationplanningpurposes.

Promotesharedparkingoptions,bikesharefacilities,andgaragedesign
orientedtocarshareuse

POTENTIALSTRATEGIES
AmendtheCodetoaddadditionalopportunitiestoshareoffstreetparkingamonguserstoease
demandsonneighborhoodparking.
Definestandardsorguidelinesforparkingfacilitiesthatwillaccommodatemultipleuserparking
optionswhilemaintainingsecurityforresidents.
IncorporateintotheCodespecificationsforbikesharestationsonprivateproperty.
AmendtheCodetoallowbikeshareandcarshareinlieuofrequiredparking.

TheLandUseCodecurrentlyincludesanumberofparkingtypes(shared,cooperative,offsite).Thereare
opportunitiestosimplifyrulesandbetterdefinehowgaragesmaybedesignedinthefuturetosecurelyhost
variedtypesofparking.

Updatebicycleparkingrequirementstobetteraddresssecure,comfortable,
longtermbicycleparkingneeds

POTENTIALSTRATEGY
InlinewithrecommendationsfromtheBicycleMasterPlan,amendtheCodetobringmore
consistencytorequirementsacrossthecity,specifylongtermbicycleparkingrequirements
citywide,andbetterdefinedesign,securityandcomfortprovisions.

Currentbicycleparkingrequirementsvaryintheirlevelofdetail,andapplydifferentlytousesacrossvarious
zonedesignations.Bicycleparkingisdefinedonlyforafewlandusetypes,anddoesnotspecifylongterm
versusshorttermbicycleparkingamounts.Also,guidanceforthequality,securityandcomfortofbicycle
parkingfacilitiescanbeimproved.

Reviewandidentifynewonandoffstreetparkingmanagementstrategiesin
residentialneighborhoods.ReviewtheRPZprogramtoidentifydemand
managementtools.

POTENTIALSTRATEGY
In2015,SDOTwillexaminetheRPZpermitprogramanddeveloprecommendations:
o Tailorstrategiesfordifferentneighborhoods.

Setperformancebenchmarkssuchasseekingatargetedlevelofparkingoccupancyper
district.

AsSeattlegrows,andnewmultifamilybuildingsadddensityandaffordableoptionstohistoricallylow
densityneighborhoods,therecanbeincreasedcompetitionforcurbspaceandonstreetparking.While
multifamilyresidentialbuildingsoftenhaveoffstreetparking,itisoftenunderusedduetotheprice
comparisonbetweenonstreetandoffstreetparkingoptions.Further,twoyearRPZpermitsarepricedat
$65orlessandhouseholdsareallowedmultiplepermits.Onewaytohandlethisissueistoidentifydemand
managementstrategiesthatwilladdresstheincreasedcompetitionforthelimitedcurbspace.Thiscould
includeincentivesforgivingupavehicle,limitingthenumberofpermits,examiningpermitpricing,orother
strategies.

NextSteps
WeanticipatediscussingtheserecommendationswiththeCityCouncilPlanningLandUseandSustainability
Committee(PLUS)inMay2015.DependingondirectionfromtheMayorandCouncil,DPDandSDOTcould
developlegislationtoimplementtheseproposals,usingapublicprocess,forCouncilconsiderationbythe
endof2015.

ATTACHMENTS
DevelopmentPermittingandParkingData,mid2012toFebruary2015

DPDstaffrevieweddataonresidentialdevelopmentproposalspermittedorunderreviewsincemid2012,to
identifytrendsinparkingprovisionsincethelatestchangestoparkingregulationsthatenabledflexibilityin
amountofparkingprovided.Thisaddressesapproximately219developmentproposalsinlocationswithin
UrbanCenters,lightrailstationareas,andpartsofUrbanVillageswithin1/4mileoffrequenttransitservice.

Thechartbelowsummarizesthefindingsonhowmuchparkinghasbeenproposed,intermsofspaces
providedperdwellingunit(orperbedroomforcongregateresidences).

Parkingspacesperdwelling,indevelopmentunderreview,
mid2012toFeb.2015
60

NumbersofProjectsinRange

52
50

40

37

Avg.=0.55space
perdwelling
30
23
20

15
10

10

13

12

14
11

4
0

0-.1 .1-.2 .2-.3 .3-.4 .4-.5 .5-.6 .6-.7 .7-.8 .8-.9 .9-1 1 to to
1.1 1.2

to
1.3

to >1.4
1.4

Ratioofparkingspacesprovided/dwellingunit

Thedatashowthat52of219developmentshaveproposednoparking,arateofapproximately
25%,while75%ofproposalsincludeparking,asillustratedinthechartabove.
Theaverageparkingrateproposedinnewdevelopmentequals0.55parkingspaceperdwellingunit.
Approximately13ofthesedevelopmentswithnoparkingarecongregateresidences.
Thedataillustratearangeofchoicesmadebydevelopers,includingmanyprovidingcloseto1
parkingspaceperdwelling,andmostbetween0.3and1spaceperdwelling.Thiskindoftailoring
wasanintendedoutcomeoftheCityspolicy.
Theaveragesizeofthesedevelopmentswithoutparkingis51units,andabout60%areinmulti
familyzoneswhile40%areincommercialzones.
Thefulllistofdevelopmentsevaluatedhereincludesapproximately19,000dwellings.

DevelopmentProjectsWithNoParking,UnderReviewsinceJune2012
Rednumbersarethecountofdevelopmentprojectswithnoparkingthatareunderrevieworpermitted,
fromJune2012February2015.Lightgreyareasareurbanvillages.Darkergreyareasareurbancentersand
lightrailstationareas.Orangeareasareoutsideurbanvillagesbutnearfrequenttransit,where50%
reductioninminimumparkingispossible.Blueareasareindustrialzoned(nonresidentialuses):50%
reductionfromminimumparkingispossiblewithperformance.

31
5

2
1
3
5
3
1
3
3
1 5
1 12
1

2
9


ParkingPolicyBestPracticesCategories

Thefollowingbestpracticesaredrawnfromexpertadvicegiventogovernmentsaroundthecountry
addressingsimilarissuesofparkingmanagementanditsrelationshiptobroadertransportationandgrowth
planningobjectives.Seelinksathttp://www.mtc.ca.gov/planning/smart_growth/parking/including
Parking/CodeGuidance:CaseStudiesandModelProvisionsfortheBayAreasMetropolitan
TransportationCommission(NelsonNygaard,Dyett&Bhatia,2012),andalsoananalysisforWashington
D.C.summarizedathttp://greatergreater.com/files/200802/nnzoningparking.pdf.

1. Reduceoreliminateunnecessaryparkingrequirements
2. Facilitatesharedparking
3. Promotetransportationoptions
4. Establishresidentialparkingmaximums
5. Adoptadditionalparkingmanagementstrategies(unbundleapartmentrentfromparkingrent,
discounttransitpasses,bicycleparking,carshareparking)
6. Priceonstreetandoffstreetparkingforoptimaluseandturnover
7. Adoptanonstreetparkingavailabilitytarget
8. Manageparkingtoachievetheavailabilitytargetusingpricing,timelimits
9. Manageparkingimpactinneighborhoodswithrestrictedparkingzones(RPZs)

TheCityofSeattlealreadypursuesseveralofthesestrategies,accommodatessharedparkingintheLand
UseCode,andusesparkingmaximumssparinglyprimarilyintheDowntownzones.Thesepoliciesare
recommendedfortheBayAreaasamultipointprogramforparkingreformthatalignswithsmartgrowth
objectivesandtransitorienteddevelopmentprinciples.Theireffectwouldbetoencouragetransportation
choicesthatincreasetransportationsystemefficiency,andtomakethebestuseofavailableparking
resources.

10

SummaryofFindings:CostofOnSiteParkingandImpactsonAffordability(2012)
Portland,OregonBureauofPlanningandSustainability.
Seehttps://www.portlandoregon.gov/bps/article/420062

A2012studyforPortland,OregonsBureauofPlanningandSustainabilityexaminedthe
relationshipbetweenparking,housingandrentcosts.Itcomparedconstructioncostsandresulting
effectonrentsformixedusebuildingswithandwithoutparking.Thisincludedavarietyofparking
stylesbothatandbelowgroundlevelforatypical10,000squarefootlot.1
Thestudyfoundasignificantaddedhousingcostduetoparking,andareducedamountofhousing
thatcouldbeprovidedduetospaceconsumedforparking.

Comparedtoan$800/monthrentperunitinanapartmentbuildingwithnoparking,a
buildingwithundergroundparkingwouldrequirerentof$1,300/monthtocover
developmentcosts,includinggarageconstructionatanassumed$55,000perparkingspace.

Comparedto50dwellingunitsinthebuildingwithnoparking,therewouldbespace
enoughforonly44dwellingunitsintheundergroundparkedbuilding.

Forabuildingwhereparkingisprovidedinsidebutnotunderground,thecomparablerent
wouldneedtobe$950/month,withroomforatotalof42dwellingunits.

Forabuildingwithmechanicalparkingsolutionsthatmaximizesspaceefficiency(by
stackingcarsinlifts),thecomparablerenttocovercostswouldneedtobe$1,175/month,
withroomforatotalof46dwellingunits.

Building
Development
Prototype

Numberof
units
possibleto
fitinthe
structure

Numberof
parking
Spaces

NoParking

50

Underground

44

Podium(ator
aboveground)

Parking
spacesper
unit

Monthlyrent Monthlyrent
tomeet7% tomeet10%
ROI*(greater
ROI*(lesser
profit
objective)

profit
objective)

$800

$1,150

33

0.75

$1,300

$1,900

42

22

0.5

$950

$1,350

Mechanical

46

23

0.5

$1,175

$1,660

Surface

30

19

0.6

$1,200

$1,800

*ROI=returnoninvestment.TheROIfactoristheassumedpercentreturnthatcanbeachievedfromadevelopment.This
tableillustratesthatrentsaresensitiveto:howmanydwellingscanbefitintoagivenproperty,thedevelopersbottom
lineprofitexpectations,andthecostsofbuildingparkingaspartofthetotalconstructioncost.

Otherdevelopmentassumptions,suchasunitsizeat550squarefeet/unit,andamountofareaforinternalhallways,etc.,
werestandardizedaccordingtozoningthatiscomparabletoSeattlesNCzones.Constructioncostswereassumedat$109per
squarefoot,orabout$60,000constructioncostperdwellingunit.

11