07.09.24 UHCAMC PresentationRevenue Optimization for the 14th
Street Lot
Community Vitality
July 2024
14th Street Lot
Key Statistics
$1.50 / hour with 4 hour
max
50 Spaces Typical length of stay 1hr
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Existing
Conditions
•The 14th street lot is currently most utilized
during the school year, and underutilized
outside of the school year
•Peak occupancy generally happens weekdays
around mid-day
•Compliance with parking regulations is an
issue
The 14th street lot provides hourly
parking for $1.50 per hour with a 4-
hour maximum
Full Year
2023 v 2022
Revenue 2023 Revenue 2022 Revenue Delta
$61,125 $78,702 $17,577
Peak Occupancy
2023
Peak Occupancy
2022
Peak Occupancy
Delta
51 79 28
Transactions 2023 Transactions 2022 Transactions Delta
21,873 27,030 5,157
$2.79 / Transaction $2.91 / Transaction
Summer 2023 v 2022
Revenue 2023 Revenue 2022 Revenue Delta
$4,537 $7,916 $3,380
Peak Occupancy
2023
Peak Occupancy
2022
Peak Occupancy
Delta
20 23 3
Transactions 2023 Transactions 2022 Transactions Delta
1,675 2,698 1,023
$2.71 / Transaction $2.93 / Transaction
Previous Wayfinding Signage
Customer Feedback
•Businesses and employees of the district struggle to find parking
•Residents of the district struggle to find parking
•Hill customers are unaware of the location of the 14th street lot
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Market
Research •Grace Lutheran Church: $775/year, $390 semester
(~$80/month)
•CU Lot 65 – Hourly Parking $2 during peak times, $1
during off peak times, no permits sold (other CU
surface lots have consistent rates)
•CU Lot 64 – Commuter permits $240/semester
(~$60/month)
•CU Day passes - $10
Opportunities to Explore
Improved wayfinding
Improvements to wayfinding signage could be made to help enable drivers to find
the 14th street lot
Event Pricing
During planned large events on campus, event pricing could be implemented in the
14th street lot, to manage demand on parking.
Parking Permits
Monthly permits could be sold in limited numbers. This would create more
consistent revenue streams and provide parking opportunities for district
employees who need to park for longer than 4 hours at a time.
Revised time limits or pricing
Reduce the parking time limit from 4 hours to encourage turnover of spaces for Hill
patrons (vs. CU students) or increase pricing to match CU
Special Events Scenario
CU Campus Lots
$40/vehicle
Lots open at 2:30pm
No business district needs
14th St.
Further to events
Tailgating concerns
Cost to implement (signage, enforcement,
admin)
Assume a $20/vehicle at 50 spaces and roughly
12 special events
•~$12,000 / year
Long Term Parking
Permits
•Pleasant St. Model
•$210 / quarter
•44 permits
•62 spots (~70%)
•14th St. Options
•50 Spaces
•35 permits (~70%)
•~ $28,000 / year at $200 / quarter*
Recommendations
•Introduce a small number of long-term permit sales
•Explore dedicating those spaces to ‘parking permit only’
•Explore reducing time limit for the other spaces OR raising pricing to $2.00/hr to match CU pricing
Questions for UHCAMC
1.Does UHCAMC have questions for staff
about the existing conditions?
2.Does UHCAMC have any feedback for staff
on the opportunities for exploration?