Canadian Parking Association:
Quote:
|
In the Greater Toronto Area (GTA), a surface parking space would likely cost approximately $15,000 per space to build including land costs. An above ground parking garage would likely cost approximately $35,000 per space while underground parking would be about $50,000 per space. The general trend is towards less surface parking and more garage parking as land becomes scarce and hospitals continue to expand into the surface lots. This means the cost of providing parking is likely to increase significantly into the future.
|
Formulas vary but parking garages are estimated at $35K-$50K per spot. An example of this would be the Oakville GO parkade, which has 1000 spaces and cost $41m in 2012 ($46m in 2019).
Using that yardstick, a 1,800-vehicle capacity garage alone would cost $70m-$80m to build.