It is definetly not cheap to built a parking structure, especially an underground. Many of you may think that the $30,000 seems really high but it could very well be the case. According to Commercial Investment Real Estate Magazine a surface lot cost between $1,200 and $1,500 per space, an above ground parking structure costs anywhere between $6,000 and $12,000 per space.
While they didn't state an average for the underground structure it is substantially more than an above grade structure. The cost can vary greatly depending on the conditions of the soil, water table and if the underground structure is an extension of the above ground structure or the the above ground portion is a completly different use.
http://www.ciremagazine.com/article.php?article_id=432
I am in no way justifying the Gateway surface lots, I am simply backing up Steven's statements.
When the demand for the property increases to the point where the surface lot is costing them potential income they will build an underground or even an bove ground structure and convert some of the surface lots to new buildings. I wouldn't be surprised to hear Gateway announce another office building or residential units facing 500 West directly west of the Hyatt and around the corner from the new office building. As we all know the demand is there and I think Boyer is probably proceeding cautiously with the remainder of their build out. CCC probably has them slightly nervous. When they feel the demand is right for them to proceed I would imagine that north end of the Gateway consiting of the Hyatt on the East, the new office building on the South, a new office or residential on the West and the new viaduct on the north with a combination underground above ground parking structure in the middle of them all.
Maybe something like below. We can always keep our fingers crossed, right!
New residential to the West, office to the North, plaza with underground parking and a water feature in the middle, along with an expanded Hyatt to the East.