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Reader says a 465 space garage sounds crazy

parking

According to Marshall Valuation Service (updated May 2015), the cost of multi-level parking structures range from $9,900/space to $21,500/space depending upon height and quality. We can assume in Ridgewood, it would be at the upper end of the range. But that’s just a rule of thumb. Marshall’s estimates the cost per square foot of gross building area at $92.12 per square foot, which is the cost before developer’s profit, and is the more accurate method. So what is the size of the proposed building? Using an average of 350 +/- square foot per space including an aisle would result in a per space price of $32,200. So $15,000,000 divided by $32,200/space results in a garage with 465 spaces. Does this math sound crazy yet? A 465 space garage sounds crazy, unbelievable and won’t look very good no matter how it is dressed up.