5619 replies to this topic

[Nparker]

Ha, I used to live at the Boardwalk though!  (Same guy build both our places, Nparker).  In fact, I've been in your suite.  The third Monopoly piece name he built is down on Wark.  St. James Plc.

I used to be involved with someone who owned a condo at The Boardwalk, so I knew of the connection to Park Place. How do you know which unit I inhabit at Park Place, VHF? Have I inadvertently given out my complete address without knowing it?  

Funny, although I knew the Wark building was by the same developer as TB & PP (and was one of the earlier leaky condo remediations) I never made the connection with Monopoly based on its name. I guess old dogs can learn new tricks.

[GabriolaGirl]

don't we need nparker to remind everyone that this has gone off topic??

[nagel]

Not really since the only good part of the game is free parking, and we all demand all real parking be free so it's quite on topic.

[VicHockeyFan]

I used to be involved with someone who owned a condo at The Boardwalk, so I knew of the connection to Park Place. How do you know which unit I inhabit at Park Place, VHF? Have I inadvertently given out my complete address without knowing it?  

Funny, although I knew the Wark building was by the same developer as TB & PP (and was one of the earlier leaky condo remediations) I never made the connection with Monopoly based on its name. I guess old dogs can learn new tricks.

 

I've been in every unit, Nparker, during construction, do not know which is yours.  

 

Oh ya, about parking.  Seems little fuss about today's news.  Quiet on our Facebook pages re the news.

[Nparker]

don't we need nparker to remind everyone that this has gone off topic?? 

 

There. I'm man enough to admit when I've lead a thread astray.

[VicHockeyFan]

In a move that will surely be popular with drivers, Campbell River’s city council moved to ban pay parking at a new hospital that is scheduled to open later this year.

 

Council voted unanimously Monday night to introduce a new zoning amendment that would prohibit a new $274.5-million, 95-bed hospital from charging for parking.

 

“Whether you’re in the hospital as a patient, or whether you’re visiting or whether you’re there for day treatments, the last thing you have on your mind is ‘Have I paid my fee?’” said Coun. Larry Samson.

 

 

Island Health will operate the new hospital and issued a statement to CTV News Wednesday about the city’s decision.

“We don’t know how this will impact us at this time. Island Health has always been clear that pay parking would be in place at the new Campbell River and Comox Valley hospitals when they open in late 2017,” the authority said.

 

 

http://vancouverisla...pital-1.3297495

 

So why not alleviate any stress, by stepping back and doing it old-school.  With a paid parking attendant.  Pay as you leave.  You never get a ticket.  An extra 25 cents per hour will pay that salary.

[VicHockeyFan]

Victoria councillors unanimously supported a staff report Thursday that calls for some fees in city parkades and parking lots to be increased, with an eye to dissuading long-term users, making more space available for short-term use. The first hour of parking will still be free.

 

Monthly parking fee increases at parkades include Yates Street and Broughton Street going from $160 to $200, View Street from $175 to $200, Johnson Street from $140 to $170 and Centennial Square from $110 to $150.

...

“The current market ranges from $6 to $16 in the privately owned parkades,” Thompson said. “If I remove the very low end of those, the [$6] to $8, that results in an average of just under $13.”

 

“I think it’s the best way to go,” Coun. Charlayne Thornton-Joe said.

 

Coun. Chris Coleman said the increases will serve a useful purpose, supporting a need for short-term parking.

 

- See more at: http://www.timescolo...h.aaJJAv5K.dpuf

 

Now, I predict that not a single short-term stall opens up, but it's still a good idea.

[rjag]

Chris Coleman was on the radio yesterday and indicated he would like to see the arena parking bumped to 3 levels and acknowledges that as more folks move downtown more cars not less will be the norm

[VicHockeyFan]

Chris Coleman was on the radio yesterday and indicated he would like to see the arena parking bumped to 3 levels and acknowledges that as more folks move downtown more cars not less will be the norm

 

Great, let's do it.  Can't we find a private developer (RG Properties?) to build it?

[nerka]

- See more at: http://www.timescolo...h.aaJJAv5K.dpuf

 

Now, I predict that not a single short-term stall opens up, but it's still a good idea.

It's a win either way. Perhaps a few spots open up. If not at least the city gets market rates for parking. Definitely better move than eliminating the free hour.

[On the Level]

I can understand from a private development perspective that you'll get a better short term return on investment building a condo instead of a parkade. Given the city is in the business of providing infrastructure that goes beyond cranking out a quick buck, has anyone done the math? At $200 a stall, a new parkade the size of Broughton would bring in $100,000 a month in parking fees. Over 20 years, presumably the life of the municipal loan, that brings in $24 million in revenue. I'm wondering if they can make a slight profit over the life of the loan?

[jonny]

I can understand from a private development perspective that you'll get a better short term return on investment building a condo instead of a parkade. Given the city is in the business of providing infrastructure that goes beyond cranking out a quick buck, has anyone done the math? At $200 a stall, a new parkade the size of Broughton would bring in $100,000 a month in parking fees. Over 20 years, presumably the life of the municipal loan, that brings in $24 million in revenue. I'm wondering if they can make a slight profit over the life of the loan?

 

To state the obvious, it depends on the costs to buy the land, build the parkade and operate the parkade and on what the useful life of the parkade is.

 

Running it through a quick NPV calculator:

Assuming $1,200,000 in annual profits and a 20 or 40 year parkade life, your entire initial investment needs to be no more than $15M to have a positive NPV. Downtown land acquisition alone is probably around $10M, so the economics would be challenging. I don't know what it costs to build a parkade that would generate $1.2M in annual revenues. Probably more than $5M. Your ROI would only be 6% in this scenario. This is assuming a 7% discount (cost of capital) rate.

[lanforod]

Does the city not have any available land already that isn't being utilized well?

[lanforod]

Perhaps city council chambers...

[On the Level]

So while it might not be a huge money maker, it would be ultimately paid for by commuters and not "subsidized" as some CoV councillors have stated.

[jonny]

Does the city not have any available land already that isn't being utilized well?

 

Probably, but they you have to consider the opportunity cost of using that land for parking and that the city has finite resources for major projects.

 

I much prefer my proposal to offload parking to the private sector. I don't think the city needs to be in the parking business and should focus resources on infrastructure, parks, recreation, etc.

[VicHockeyFan]

Does the city not have any available land already that isn't being utilized well?

 

They have a parking lot behind the arena that we already own.  The new parkade there can do triple-duty.  Daytime 9-5ers, night hockey and concert fans, and weekend Crystal Pool users.  They might not get $200/mo. for the daily parkers, more likely $125-150.  But they will make up revenue on the 60+ arena night events.  

 

Again, let's see what RG can do for us, we might not have to finance it at all if they are willing to take it on.  Or let's build a 5-level parkade there with housing on top.

 

There is also two lots next to the Strathcona Hotel.  Strath would probably enjoy more secure parking for their guests.  Let's see if we can work a deal with them for  4 or 5 floor parkade, that they partly finance.

[Rob Randall]

Chris Coleman thought it would be a great idea to put parking below the Crystal Garden lawn bowling green and we all know how successful that plan turned out to be.

[rjag]

The City should be in the business of providing infrastructure to make the area viable for commerce. They have to recognise that there is one set of demands for residents and another for the massive influx of users. Both need equal attention. A busy downtown generates income which in turn creates jobs and tax revenue for silly pet projects....whats not to like?

[Bernard]

To state the obvious, it depends on the costs to buy the land, build the parkade and operate the parkade and on what the useful life of the parkade is.

 

Running it through a quick NPV calculator:

Assuming $1,200,000 in annual profits and a 20 or 40 year parkade life, your entire initial investment needs to be no more than $15M to have a positive NPV. Downtown land acquisition alone is probably around $10M, so the economics would be challenging. I don't know what it costs to build a parkade that would generate $1.2M in annual revenues. Probably more than $5M. Your ROI would only be 6% in this scenario. This is assuming a 7% discount (cost of capital) rate.

 It makes sense if the parkade is part of a larger commercial building.   Dig down a few levels and have 2 levels above ground then put 4-6 floors of office on top of that.