PARKING STUDY MASS AVE, MARKET EAST, & FOUNTAIN SQUARE INDIANAPOLIS, INDIANA Prepared fr: DOWNTOWN INDY NOVEMBER 19, 2015
EXECUTIVE SUMMARY Walker Parking Cnsultants ( Walker ) has been engaged by Dwntwn Indy t cnduct a parking study f the Mass Ave, Market East, and Funtain Square areas f dwntwn Indianaplis as a service t Dwntwn Indy and the City f Indianaplis, the wners r spnsrs f this prject. The bjective f the parking study is t survey existing parking cnditins and quantify parking space surpluses r deficits n a blck-by-blck basis, understand hw parking demand assciated with prpsed develpment prjects culd be expected t fluctuate by hur f day and day f week, understand parking demand generated by special events (including simultaneus events), and anticipate and prject future parking needs. Once needs bth current and future have been identified, anther bjective f the study is t prvide high-level slutins t address these needs. Key findings f this parking study are as fllws: Overall At mst times, even during the typical busy hurs, there is adequate parking within the Mass Ave, Market East, and Funtain Square area. This des necessitate the use f parking in lcatins n blcks adjacent t and dwn the street frm patrn destinatins, therefre requiring a shrt, but acceptable walking distance in sme cases. Parking space adequacy can be expected t erde if and when the assumed develpment prjects cntemplated within this plan are built and ccupied. Mre than seven millin square feet f prpsed develpment prjects are included within this study and the impact f these develpments, if built, culd increase existing parking demand levels cnsiderably. Mass Ave Summary A parking deficit is nt prjected within the near-term planning hrizn f three years r less. Hwever, lnger term, a parking space deficit is prjected, unless mre parking is built t meet grwing levels f demand. A ttal f 9,197 ttal parking spaces were identified within the Mass Ave Study Area, which includes the gegraphic area rughly brdered by 10 th Street t the nrth, Davidsn Street t the east, Ohi Street t the suth, and Delaware Street t the west. T allw fr an perating cushin f unused spaces fr user cnvenience, snw piles, cnstructin, etc., the ttal capacity is reduced t an effective supply f 8,472 spaces r 92%. Measurements f typical parking space ccupancy r demand were taken n Saturday, April 11; Thursday, May 7; and Friday, May 8, 2015. These dates are believed t represent typical busy, nn-event parking cnditins. During weekday business hurs, parking space ccupancy is estimated at 49% r 4,691± vacant spaces. On Saturday evening, between 7 t 10 p.m., a 37% ccupancy rate was recrded which means that 5,795+ spaces were vacant. Dwntwn Indy and Andersn-Bhlander prvided lists f prpsed develpments t be built within the Study Area ver the fllwing three planning hrizns: a) Near-Term 0-3 Years; b) Mid- Term 3-5 Years; and c) Lng-Term 5+ Years. Walker prjected parking demand fr these prpsed develpment prjects and als included knwn parking supply impacts. 1
The fllwing table illustrates that adequate parking is anticipated t be available within the near-term (0-3 years), but a parking shrtage is prjected in the mid-term (3-5 years) and lng-term (5+years). Table 1: Current and Prjected Parking Space Adequacy fr Mass Ave Typical Weekday Business Hurs Existing Cnditins Near-Term 0-3 Years Mid-Term 3-5 Years Lng-Term 5 + Years Effective Supply 8,472 8,644 7,766 7,881 Demand 4,591 6,238 8,345 8,659 Surplus (+) / Deficit (-) 3,881 2,405 (579) (778) Typical Saturday Evening Existing Cnditins Near-Term 0-3 Years Mid-Term 3-5 Years Lng-Term 5 + Years Effective Supply 8,472 8,644 7,766 7,881 Demand 3,528 5,180 7,154 7,474 Surplus (+) / Deficit (-) 4,944 3,464 612 406 Surce: Walker Parking Cnsultants Market East Summary A parking deficit is nt prjected within the near-term planning hrizn f three years r less. Hwever, lnger term, a parking space deficit is prjected, unless mre parking is built t meet grwing levels f demand. A ttal f 10,343 ttal parking spaces were identified within this prject s Study Area, which includes the gegraphic area rughly brdered by Vermnt Street t the nrth, Park Avenue t the east, the CSX Railrad t the suth, and Delaware Street t the west. T allw fr an perating cushin f unused spaces fr user cnvenience, snw piles, cnstructin, etc., the ttal capacity is reduced t an effective supply f 9,474 spaces r 92%. Tw measurements f typical parking space ccupancy r demand were taken n Saturday, April 11 and Friday, May 8, 2015. These dates are believed t represent typical busy, nn-event parking cnditins. During Friday business hurs, parking space ccupancy was estimated at 60% r 4,139+ vacant spaces. On Saturday evening, between 7 t 10 p.m., an 11% ccupancy rate was recrded which means that 9,255+ spaces were vacant. Andersn-Bhlander prvided a list f prpsed develpments t be built within the Study Area ver the fllwing three planning hrizns: a) Near-Term 0-3 Years; b) Mid-Term 3-5 Years; and c) Lng-Term 5-10 Years. Walker prjected parking demand fr these prpsed develpment prjects and als included knwn parking supply impacts. The fllwing table illustrates that within the Near-Term Planning Hrizn (0-3 years), adequate parking is anticipated t be available. Hwever, under the Mid-Term (3-5 years), and Lng-Term (5-10 years), a 3,389 and a 9,124-space parking deficit are prjected, respectfully. 2
Table 2: Current and Prjected Parking Space Adequacy fr Market East Typical Weekday Business Hurs Existing Cnditins Near-Term 0-3 Years Mid-Term 3-5 Years Lng-Term 5-10 Years Effective Supply 9,474 10,688 9,333 8,903 Demand 6,204 8,824 12,722 18,028 Surplus (+) / Deficit (-) 3,271 1,865 (3,389) (9,124) Typical Saturday Evening Existing Cnditins Near-Term 0-3 Years Mid-Term 3-5 Years Lng-Term 5-10 Years Effective Supply 9,474 10,688 9,333 8,903 Demand 1,088 3,261 5,905 9,256 Surplus (+) / Deficit (-) 8,386 7,427 3,429 (352) Surce: Walker Parking Cnsultants Funtain Square Summary The current parking supply is judged t be adequate and a parking deficit is nt prjected in the future. A ttal f 4,237 ttal parking spaces were identified within this prject s Study Area, which includes the gegraphic area rughly brdered by English Avenue t the nrth, S. State Street t the east, E. Pleasant Run Parkway N. Drive t the suth, and I-65/70 t the west. (The cmmercial areas within this neighbrhd primarily frnt Virginia Avenue [between East, Suth, and Shelby Streets], Shelby Street [between English Avenue and E. Pleasant Run Parkway N. Drive], Prspect Street [between I-65/70 and State Street], and Fletcher Avenue [between I-65/70 and Shelby Street]). The Funtain Square Study Area runs ne blck deep n bth sides f the afrementined streets that are ppulated with cmmercial businesses. T allw fr an perating cushin f unused spaces fr user cnvenience, snw piles, cnstructin, etc., the ttal capacity is reduced t an effective supply f 3,874 spaces r 91%. Parking space ccupancy cunts were taken n Friday, May 8; Mnday, May 11; and Saturday, April 11, 2015. These dates are believed t represent typical busy, nn-event parking cnditins. During weekday business hurs, parking space ccupancy was estimated at 31% r 2,927+ vacant spaces. On Saturday evening, between 7 t 10 p.m., a 38% ccupancy rate was recrded which means that 2,615+ spaces were vacant. Dwntwn Indy prvided a list f prpsed develpments t be built within the Study Area. Walker prjected parking demand fr these prpsed develpment prjects and als included knwn parking supply impacts. The fllwing table illustrates that a parking surplus is prjected in the future. 3
Table 3: Current and Prjected Parking Space Adequacy fr Funtain Square Surce: Walker Parking Cnsultants Typical Weekday Business Hurs Existing Cnditins Future Cnditins Effective Supply 3,874 3,784 Demand 1,308 1,452 Surplus (+) / Deficit (-) 2,566 2,333 Typical Saturday Evening Existing Cnditins Future Cnditins Effective Supply 3,874 3,784 Demand 1,620 1,734 Surplus (+) / Deficit (-) 2,254 2,050 RECOMMENDATIONS T amelirate the anticipated deficit f parking spaces prjected fr the Mass Ave and Market East Study Areas, Walker identified and analyzed the fllwing ptins fr the cnsideratin f Dwntwn Indy and the City f Indianaplis. There are significant numbers f privately-wned and available parking spaces and the city and Dwntwn Indy are encuraged t negtiate agreements with the wners f these parking spaces, t make them regularly available t the general public. This is likely t be a much mre cst effective slutin than building a parking structure, assuming negtiatins are successful. The City f Indianaplis and/r Dwntwn Indy are advised t engage in an extensive and cntinuus marketing and public relatins campaign t educate users n the availability f parking. Autmated parking guidance systems and cell phne apps culd be emplyed t help patrns find vacant spaces mre easily. The City f Indianaplis and/r Dwntwn Indy are advised t fund and develp these prgrams. Dwntwn Indy is advised t engage a qualified firm t perfrm a parking management study that details hw parking can best be managed and marketed t address stakehlder cncerns. Large develpment prjects shuld nt be cnstructed withut parking. Fr example, Walker recmmends that a parking structure be built n the blck that is planned t huse the prpsed 21c Museum Htel. Mrever, the blck lcated east f the Virginia Avenue Parking Garage is nw the site f an existing surface parking lt and we suggest that this site be cnsidered fr a multi-level parking structure that culd accmmdate mre than 1,000 cars. The city r Dwntwn Indy shuld update this parking study n an annual basis r engage a qualified prfessinal services firm t perfrm the update. The city shuld make its prcess fr creating a residential parking permit prgram mre transparent. (An appendix t this reprt includes materials that dcument the city s existing prcess. These dcuments and prcess shuld be made readily available n line.) The city shuld decide and act n whether it wants t enter the public ff-street parking business in a frmal and fficial manner thrugh the creatin f a city parking department and fr the 4
purpses f creating an auxiliary enterprise t finance and manage new parking structures that are prjected t be needed. An alternative t this apprach is t require the develpment cmmunity t shulder the burden f prviding parking and building parking facilities in cnjunctin with develpment prjects r help lcal business grups rganize and generate parking facility funding thrugh the creatin f a Business Imprvement District r BID, r a parking tax district. As stated previusly, large prpsed develpment prjects shuld nt be built withut parking. Specifically, we recmmend that the fllwing develpments include significant parking facilities: Blck 307, ffice twer; Blck 322 residential develpment; Blck 330 mixed-use develpment; Blck 318 20-stry ffice twer; and Blck 327 mixed-used develpment. Cllectively, we wuld expect develpers t prvide fr n-site parking needs. The city may want t build ne r mre intercept parking facilities that wuld capture incming car traffic shrtly after these vehicles exit I-65 and I-70 westbund, nt E. Washingtn Street. A number f intercept sites have been identified fr further cnsideratin and study. In mst cases, these sites culd each supply 1,000 t 2,000 parking spaces. These sites are as fllws: a) Marin Cunty Jail II site; b) 600 E. Washingtn Street site; c) 603 E. Washingtn Street site; d) Harrisn Cllege site; e) LaQuinta Inn site; and f) 101 S. Alabama Street site. With the exceptin f the jail site, each f the sites wuld require prperty acquisitin. Sme sites wuld require the demlitin f an existing structure. Althugh this study cncludes that parking capacity is meeting demand, the city r Dwntwn Indy may want t cnsider a study that addresses stakehlder wants, needs, and the market and financial feasibility f building a public parking structure in the Mass Ave Study Area. Several sites fr such a facility have been identified and preliminarily studied fr future cnsideratin. This analysis assumes that the city and the develpment cmmunity will wrk tgether t prvide the requisite parking capacity. In sme cases, the city may step up and ffer t build parking as an ecnmic incentive. In ther cases, the develper may chse t build n-site parking. A hybrid apprach may als be used where the develper(s) might build a minimum number f parking spaces, while the city steps in and supplements the parking built by develper(s). 5
The fllwing figure illustrates several ptential sites that may be candidates fr parking facilities, a number f which culd be wned and develped by the City f Indianaplis. Figure 1 - Ptential Sites fr Intercept Parking Facilities Surce: Walker Parking Cnsultants 6
Ptential parking facility sites were als identified fr the Mass Ave Study Area and are included within the fllwing figure. Figure 2 Ptential Parking Facility Sites in Mass Ave Study Area Surce: Walker Parking Cnsultants 7
Develpment and perating csts f parking facilities vary widely. Land acquisitin csts, cnstructin csts, sft csts, and perating expenses are types f csts that shuld be cnsidered during the planning phase f a multi-level parking structure. The mst significant variable impacting cnstructin r hard csts is the type f parking imprvement. Surface parking lts can be cnstructed fr as little as $2,500 per space r less fr a basic paving and striping prject, and as much as $4,000 r mre per space fr a grander prject featuring an elabrate drainage systems, premium light fixtures, signage and graphics, and landscaping. By cmparisn, free-standing parking structures built at and abve grade, using lng-span cnstructin, can be develped tday in the Indianaplis area fr $12,000 t $15,000 per space in cnstructin csts. This cst range is likely t buy a practical cncrete parking structure with sme, but limited, aesthetic appeal. A mre rnate parking structure culd cst $20,000 r mre per space. Parking structures exhibiting extensive architectural treatments, shrt-span cnstructin, an inefficient facility n a difficult site, and/r belw-grade cnstructin, can result in facilities that cst significantly mre than $15,000 per space in cnstructin csts and upwards t $100,000 r mre per space in extreme examples. T derive a ttal prject cst, ther csts must be added t the cnstructin and land csts. These additinal csts are referred t as sft csts, and may include items such as a cnstructin cntingency, architectural/engineering fees, sils and materials testing, debt service reserve funds, legal fees, and financing csts. Sft csts can vary significantly but typically fall within 15 t 35 percent f cnstructin csts. INTRODUCTION The bjective f this parking study is t survey existing parking cnditins and quantify parking space surpluses r deficits n a blck-by-blck basis, understand hw parking demand assciated with prpsed develpment prjects culd be expected t fluctuate by hur f day and day f week, understand parking demand generated by special events (including simultaneus events), and anticipate and prject future parking needs. The end wrk prduct includes this written reprt dcumenting the study findings and cnclusins. This reprt is rganized as fllws: The executive summary prvides a synpsis f key findings and recmmendatins. This intrductin sectin frames the bjectives f the study and discusses the methdlgy used. Three subsequent sectins ne each fr Mass Ave, Market East, and Funtain Square include a blck-by-blck breakdwn f parking inventry, usage, and adequacy, in tabular and map frmat. An appendix that includes the fllwing infrmatin: Appendices A-C prvide detailed blck-by-blck maps that illustrate the lcatin and capacity f parking facilities fr the Mass Ave, Market East, and Funtain Square areas. Appendix D prvides a cpy f the City f Indianaplis Residential Permit Parking Plicies and Prcedures and a Residential Permit Parking Applicatin Appendix E prvides a discussin f autmated parking guidance systems, including Seattle s e-park prgram. 8
The fllwing is the scpe f services fr this effrt: a. Cnfirm and/r cllect the fllwing field data cllectin fr n- and ff-street parking spaces lcated within the Study Area which is rughly bunded by the Funtain Square areas previusly described, plus the area brdered by Tenth Street t the nrth, Davidsn Street t the east, the CSX Railrad t the suth, and Delaware Street t the west. (Maps fr each blck cmprising the Study Area are included within Appendix A-C.) i. Parking inventry including name and lcatin f parking facility, capacity, rate, private vs. public availability, and user restrictins. ii. Parking space ccupancy cunts t be perfrmed n ne typical weekday during cre business hurs and ne typical weekend evening. b. Analyze field data cllected and rganize infrmatin int tabular frm. c. Obtain and analyze attendance infrmatin frm event venues lcated within the Study Area. d. Analyze field data and quantify bserved parking surpluses and deficits by city blck. e. Map parking inventry, usage, and parking surplus/deficit data n a blck-by-blck basis. f. Future Cnditins i. Cntact City f Indianaplis Metrplitan Planning Department, The Athenaeum Fundatin, Inc. and IDI fr purpses f identifying and quantifying prpsed develpment prjects fr the Study Area, including name f develpment, timing, type and quantity f land use(s), displacement f parking spaces, and additin f parking spaces and als identifying and quantifying anticipated parking space lsses and gains. ii. iii. iv. Survey management f event venues lcated within the Study Area t btain prjectins f future events and future event attendance. Mdify design day parking demand fr current cnditins if apprpriate. Prject future parking demand t be generated by prpsed develpment prjects using shared parking methdlgy and accunting fr variatins in parking demand by time f day, day f week, and mnth f year. Overlay demand frm prpsed develpments n estimates f existing demand t prject future parking demand n a blck-by-blck basis. v. Prject future parking space surpluses and deficits n a blck-by-blck basis fr the Study Area. g. Alternatives Analysis i. Review existing and prpsed (incrprate IndyG Transit changes t the best f knwn ability) vehicular and pedestrian access and circulatin patterns fr their relatinship t existing and prpsed parking facilities. ii. iii. iv. Develp ptins fr expanding parking capacity with surface and/r structured parking. Identify prs and cns f each ptin. Determine cnceptual cnstructin and prject csts fr any alternatives including estimated peratinal expenses fr cmparisn and evaluatin purpses. 9
DEFINITION OF TERMS Several terms r jargn are used in this reprt that have unique meanings when used in the parking industry. T help clarify these terms and enhance understanding by the reader, the fllwing definitins are presented. Adequacy - The difference between the effective parking supply and parking space demand. Design Day - The day that represents the level f parking demand that the parking system is designed t accmmdate. In mst f the thusands f parking studies that we have cnducted, this level f activity is typically equal t the 85th t 95th percentile f abslute peak activity. Althugh we will ccasinally design t a higher-than-typical design standard, such as ne exceeded less than ne day per mnth r even the abslute peak level f demand, we d nt typically design t these extreme cnditins because the result is an abundance f spaces that remain unused mst f the time. Effective Supply - The ttal supply f parking spaces, adjusted t reflect the cushin needed t prvide fr vehicles mving in and ut f spaces, spaces unavailable due t maintenance, and t reduce the time necessary fr parking patrns t find the last few available spaces. The effective supply varies as t the user grup and type f parking, but typically the effective supply is 85 percent t 95 percent f the ttal number f spaces. The adjustment factr is knwn as the Effective Supply Factr. Inventry - The ttal number f marked parking spaces within the Study Area. Parking Generatin - The peak accumulatin f parked vehicles generated by the land uses present under any given set f cnditins. Patrn r User - Any individual parking in a study area. Peak Hur - The peak hur represents the typical busiest hur f the day fr parking demand and is nt intended t be the abslute peak. Survey Day - The day that ccupancy cunts within a study area are recrded. This day shuld represent a typical busy day r days. PARKING SUPPLY The fundatin f a parking supply and demand study is an inventry f the existing parking supply. Parking in the Study Area is available in several frms. Depending n the blck, n-street parking is either ffered at n charge r metered. Off-street parking is available t the public in lts and structures, which are bth publicly- and privately-wned facilities. Private parking is available fr specific user grups in lts and structures and is ften restricted fr use by the individual businesses. The inventry is cmpared t the bserved parking ccupancy t quantify the existence f a parking surplus r deficit. A surplus exists when the supply exceeds the demand; a deficit exists when the supply is inadequate t meet the demand. We cnducted this analysis n a blck-by-blck basis within the Study Area, segmenting the demand by blck. This apprach is apprpriate given that the Indianaplis parking market is nt characterized as having pent-up parking demand. Dwntwn Indy prvided an inventry f parking spaces and Walker independently verified the existence f these spaces by sending a crew f field data cllectrs int the Study Area. The data cllectrs identified existing spaces and verified space cunts. In a few cases, ff-street parking facilities were secured with restricted access and culd nt be entered. In these cases, Walker relied exclusively n the infrmatin prvided by Dwntwn Indy. The methd used herein is a typical apprach fr these types f studies and prvides a reasnable estimate f existing parking capacity within the Study Area. 10
EFFECTIVE PARKING SUPPLY The ttal supply is nt an accurate representatin f parking spaces available fr use at ne mment in time. T prvide an perating cushin, an adjustment is made t the existing supply and a prtin f the existing supply is cmpared t parking demand t gauge whether there is a surplus r deficit f spaces. This effective supply adjustment accunts fr vehicles mving in r ut f parking spaces, misparked vehicles, snw piles, cnstructin, r the perceptin that a parking lt r street is full, the ttal supply is multiplied by an effective supply factr. Fr metered n-street parking spaces, the supply f spaces is decreased t 85% f capacity. Fr nn-metered r ff-street spaces, the supply f spaces is decreased t 90% f the ttal supply fr public parking and 95% fr private parking. PARKING ADEQUACY Parking adequacy is the ability f the parking supply t accmmdate the parking demand. In the case f the Study Area, the demand was estimated based n the bserved weekday and Saturday parking ccupancy cunts recrded. The bserved ccupancy is subtracted frm the effective supply t determine the adequacy fr the Study Area. A psitive number is indicative f a parking-space surplus and a negative number is indicative f a parking-space deficit. PARKING ADEQUACY DURING SPECIAL EVENTS As part f this study, Walker cnsidered parking adequacy during special events. There are mre than 8,000 vacant public parking spaces within the Market East Study Area alne, during nn-event evenings. Additinally, there are thusands f ther vacant parking spaces lcated in ther parts f the dwntwn and within reasnable walking distance t Bankers Life Fieldhuse. In cnclusin, there is adequate event parking. The tw mst significant event venues within r within near prximity f this prject s Study Area include Bankers Life Fieldhuse and the Old Natinal Centre. Bankers Life Fieldhuse abuts the suthwest side f the Study Area and is lcated utside f the Study Area. This venue seats apprximately 18,500 fr basketball, 20,000 fr center stage cncerts, and 6,600 fr a theatre setup. Based n a sell-ut fr a center stage cncert and assuming 2.5 persns per vehicle, Bankers Life Fieldhuse is estimated t generate parking demand fr 8,000± cars. This ccurs n a weekend r during a weekday evening. Old Natinal Centre, riginally knwn as the Murat Centre r Murat Temple, is lcated within the Mass Ave Study Area at 502 N. New Jersey Street. The venue features a 2,600-seat perfrming arts theatre, an 1,800-seat cncert hall with a banquet rm, and a 600-seat multi-functinal rm. There are abut 300 events held annually at the facility. Assuming a sell-ut in the 2,600-seat perfrming arts theatre and 2.5 persns per vehicle, parking demand fr up t 1,040 cars can be expected. There were n scheduled events n Saturday, April 11, 2015, the date that Walker perfrmed its Saturday night parking ccupancy study, at the Bankers Life Fieldhuse r Old Natinal Centre. There are large dwntwn Indianaplis special events that generate atypical and unusually high traffic and parking cnditins. Fr example, this includes the city s firewrks shw n Independence Day, the Mnument Circle tree lighting ceremny, and the Indianaplis 500 Parade, t name a few. Fr these events, peple have expectatins that are different frm thse during rdinary ccasins. During these large, infrequent events, peple park greater distances frm their destinatins and walk further. The cnclusins within this study are nt intended t address these particular situatins. 11
FUTURE CONDITIONS T prject future parking adequacy, parking supply and demand impacts related t prpsed future develpment prjects are verlaid n existing parking adequacy figures. Parking demand fr the prpsed future develpment prjects is based n type and quantity f land use. Any existing parking supply t be displaced by future develpments is remved frm the available supply. FUTURE DEMAND ASSUMPTIONS Fr purpses f this analysis, future parking demand is prjected fr each prpsed develpment prject based n the fllwing assumptins: Dwntwn Indy and Andersn + Bhlander, LLC prvided prpsed develpment prjects, including lcatin, type f land use and timing f develpment. Sme infrmatin was btained frm the City f Indianaplis Department f Metrplitan Develpment. The retail land use categry culd mean either retail shps, restaurants/bars, r a cmbinatin theref. Restaurants and bars can generate 4-5 times the parking demand that a retail shp generates. In cases where Andersn + Bhlander is prjecting retail develpment, Walker assumed 50% f the retail develpment is retail shps and the remaining 50% is restaurants and bars. In certain cases, Andersn + Bhlander identified that cmmercial develpment is prjected fr a lcatin. This culd mean ffice, retail shps, and/r restaurants and/r bars. Walker assumed that the street level f the cmmercial space wuld be split 50/50 between retail shps and restaurants/bars. Flrs abve street level are assumed t be ffice space. Walker applied industry-standard parking demand ratis t these land uses t prject parking demand. The fllwing are the ratis used: Htel 1.25 spaces per rm during weekend and 1.08 spaces per rm during weekend. Office A range f 2.8 t 3.8 spaces/ksf during weekdays and 0.28 t 0.38 spaces/ksf during weekends, with larger ffices generating demand at a lwer rate. Residential 1.65 spaces/unit fr bth weekday and weekend. Restaurant 18 spaces/ksf, weekday; 20 spaces/ksf, weekend. Retail 3.6 spaces/ksf, weekday; 4.0 spaces/ksf, weekend. A 20% reductin in the base parking demand ratis was taken t reflect captive market effects, recgnizing that residents wh are already lcated within r near the Study Area, will be ccupants f the ffices, retail shps, and restaurants/bars and s the intent f this reductin is t avid duble cunting. Base parking demand fr ffice space was further reduced by taking a 12% reductin t reflect the transprtatin mdal split characteristics f weekday cmmuters, and specifically the estimated percentage f cmmuters wh d nt drive a car t wrk, as dcumented within the Indianaplis Metrplitan Planning Organizatin s 2014 Annual Reprt. 12
FUTURE ADEQUACY Future parking adequacy is presented within the three different planning hrizns included in the previus sectin. With the exceptin f the 5-10-year lng-term hrizn, the parking supply is expected t be adequate. T address future parking space deficits, we recmmend that this study be updated annually t reflect actual develpment prjects and befre additinal parking nt included herein is cnstructed. 13