Parking Deck Development

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Downtown Parking Deck Development

The City of Greensboro is working to secure two new parking decks in downtown. The decks will support new jobs and increased activity in the downtown. Three of the four City-owned decks have reached capacity. The debt on the projects will be paid with revenue generated from parking fees.

July 17, 2018 Meeting: The four items before City Council for consideration move the City away from the proposed deal of last year which included a public private partnership. The first action before City Council is to rescind the prior public-private arrangement. This new proposal does not involve a public-private construction deal and becomes a land transaction with the remaining parcel owned by the City of Greensboro. The City will then design, construct, own, and operate a parking garage. This is a much simpler deal.

The second item before Council is a proposed purchase from Guilford County of 201 N. Eugene St. The recent appraisal from the City of Greensboro values the total property at approximately $6.02 million. An appraisal from the County in 2015 values the property at approximately $6.4 million. The proposed purchase price before City Council is $5.5 million. The City of Greensboro will demolish the current structure. 

The third Council action contemplates a land exchange. The adjacent land owner, Park Lot LLC, will compensate the City $2.3 million for receiving approximately 1.724 acres of land. In addition, the exchange provides an additional 0.456 acres of land from Park Lot LLC with no additional payment by the City. This is another approximate $490,000 in value. By the recent measures of appraisal, this per acre compensation is above market value. The exchange with Park Lot LLC is to facilitate the land necessary to build an effective parking garage. 

The last item is a resolution authorizing the City Manager to enter into agreement with Kimley-Horn and Associates for design services for the proposed parking deck. Unlike the previous garage that was contemplated, this new deal proposes no connection or association with any private structure. The garage will be publicly designed, constructed, and owned by the City. There will be no extra cost for additional supports. This new construction is proposed to be a stand-alone pre-cast structure. This new structure will save the City money over the previously contemplated garage. The parking garage could house anywhere between 800-1,000 cars depending on the final design. 

 

February One Parking Deck
Estimated construction cost: $30 million
Estimated annual operating, maintenance and debt cost: $2.6 million

Capacity: 850 parking spaces
Size: six stories

Eugene Street Parking Deck
Estimated construction cost: $20 million
Estimated annual operating, maintenance and debt cost: $3 million

Capacity: 800-1,000 parking spaces

 

History
  • 2008 – Council asks staff to produce a parking study to determine if additional parking is needed due to the county jail development.
  • 2010 – Council directs staff to wait to pursue a new parking deck until the project can be done in association with new downtown development.
  • 2015 – Lincoln Financial commits to bring up to 600 new employees downtown. It requests the City build a new deck to accommodate additional employees.
  • 2016 – City develops plans for decks on Davie and Eugene streets, to accommodate new employees and the needs of new hotels and office buildings.
Related Documents

NEW: Eugene Street Parking Deck update - June 2018
Parking Study - April 2018
Parking Deck Financing
Downtown Parking Deck Frequently Asked Questions (FAQs)
Council Resolution Authorizing February One Parking Deck Development Project
Council Resolution Authorizing City Attorney to Acquire an Easement by Eminent Domain for February One Parking Deck
Council Resolution Authorizing Project Management and Cost Sharing Agreement for Eugene Street Parking Deck
Parking Deck Proposal Presentation – December 2017 

More Info
If you have additional questions about these projects, e-mail us.