Extensive parking will be needed
A City staff report says plans to have Piers 5-8 ready for development are still on target for a 2018 conclusion. The report says roughly $57 Million has already been allocated by the city for work that is either underway or pending; and another $23 Million has been ‘approved in principle’ by council, bringing the project total to $80 Million.
A companion report says there will be significant additional parking needed when the Pier 8 development is fully built out to accommodate the roughly 1,500 residential units, their guests as well as recreational users of the waterfront.
The staff plan suggests the possibility of building two parking garages—one at the Leander Boat parking lot and a second lot either on or near Pier 8 where the bulk of new residential development will take place. The report says at present there is ample surface parking and that the need for new parking structures will be a phased approach as development gradually takes up the surface parking areas.
Council has already approved $23.5 million for a parking garage. The staff report estimates the cost of a parking space in a garage works out to $35,000 to $50,000 depending on geological and environmental conditions. The report suggested the possibility of building a parking structure at Eastgate Park but concluded it would be too far from the residential area and would entail taking up parkland.