There is just not an immediate need for more Downtown public parking. The table above was sourced from the Downtown Memphis Parking Study. From the table, one can see the existing inventory, in each part of Downtown and the projected peak demand, based on three scenarios. There is an excess supply of parking availability.
The $62M public parking request appears to be more of the same and developer driven by Carlisle’s One Beale project. Secondarily, the request is driven by a potentially exciting and transformative Brooks Museum project. The current One Beale project has already been the recipient of approximately $41M in tax incentives and public loan awards to include the following: 1) an approximate $1M grant, 2) $10M garage / PILOT Extension Fund garage loan and 3) approximate $30M tax abatement over 20 yrs. Incentives for the yet approved Hyatt expansion, could drive tax incentives and public loans to has high as $140M.
A public expenditure of $10M, for the Brooks Art Museum project, can be deduced, by reviewing the DMC County Commission Public Parking presentation delivered on December 2, 2020. This deduction is concluded by adding up the cost of the public parking projects, that are disclosed in the presentation. These public parking projects total $52M.
The cost of the Brooks Art Museum is the only project of the five with undisclosed cost, for a total $62M request, making the cost of the non-public parking Brooks museum project $10M. The non-parking Brooks Museum project reduces public parking availability by 400 spaces in the Downtown Core.
The exciting part, is the mention of a $100M investment, presumably, an exciting art collection for the Brooks Art museum project. While the Brooks Museum project has significant merit, the $42M Mobility Center appears to be another developer driven public benefit, for a developer, that may be the recipient of up to $140M in local public incentives and loans. The $42M Mobility Center, planned just across the street from the One Beale project, would just pile public more benefits on to the Carlisle development.
Observations
The PILOT Extension Fund, from which these projects are scheduled to be funded, would have $22M more in the fund, if long term garage loans were not provided to private developers. Wonder Bakery development received a $6M-45 year loan, Tennessee Brewery a $5.1M 60 year loan, One Beale a $10M loan with the term length unknown and CHISCA a $1M loan in 2014. Most of these are private garages that also receive the benefit of tax abatements.
At any rate, here are some other observations from the Downtown Parking Study:
“In most subareas, even in the Boom Growth scenario, there is no net increase in parking supply required to accommodate anticipated growth. However, since much of the existing supply is provided in less-than-optimal facilities (either they are in facilities with poor conditions, they are themselves located on future development sites, and/or they are in private facilities that cannot be used to support nearby growth without shared parking agreements) there may be the need for “replacement parking” development. (pg. 47)”
Observation: This appears to be a preparatory planning accommodation for the planned Brooks Museum parking reduction. But even with a 400 space reduction, the Downtown Core still has adequate parking based on the numbers in the above table.
“However, parking use patterns are concentrated unevenly, and all subareas still feature a considerable number of unoccupied spaces even during the midday peak. At almost any location and any time of the day, a highly-used parking facility is only a few blocks away from underutilized parking. (pg. 7)”
Observation: Walking and walkability is stressed in the report. So walking a few blocks should not be a driver for a $62M request.
“At peak occupancy (Weekdays 11am-1pm), all Downtown spaces are only one-third full, meaning there are still approximately 45,000 unused spaces across the entire study area. Most of these unused spaces are in restricted off-street facilities. Off-street publicly accessible and DPA garages average 66% occupancy.(pg. 8)”
Observation: Plenty of public parking
Page 100 of the report stresses ways in which to reduce traffic and parking demand to include ridesharing. How is ridesharing behavior going to be incented, with convenient and affordable parking options due to more than sufficient supply ?
Conclusion
There’s plenty of public parking. The $62M request is more of the same, in a boondoggle and excessive corporate/real estate developer publicly funded benefits…..