Prius parking lot

Is this the coolest parking lot anywhere? Santa Monica is unveiling what officials are describing the nation's first sustainable solar-powered parking structure. It has a designer look and boasts ocean views, according to the Lookout (which also has a cool photo):

The six-story, 882-space structure at the Civic Center features photovoltaic roof panels, a storm drain water treatment system, recycled construction materials and energy efficient mechanical systems. The $29 million structure -- which sits near the entrance and exit ramps at the end of the 10 Freeway -- also features ground-floor retail, art works on every floor and sweeping city and ocean views. “From the Santa Monica Mountains to Catalina Island, these parking spaces have the best view in town,” Council memebr Kevin McKeown.

Comments

[Benjamin Brown]

Graham made a good point but from an investment/environmental perspective it looks pretty good. If each parking place brings in $10 a day that would amount to a 10% return cash-on-cash. Also add in the $1 million per year tax-shelter (straight-line depreciation over 28.5 years ) and most likely a bunch of tax-credits due to the eco-friendly construction. To top it off the $90K revenue generated in electricity sales would pay a significant chunk of the buildings labor and maintanence expenses.

These numbers work...I just wonder who benefitted from this back-room sweetheart deal. Is it on City Land? What kind of a deal is the land lease or was it an out-right sale?

[Christian Boyce]

You mention that the parking structure has an ocean view. You didn't mention that the hotel across the street from the parking structure HAD an ocean view until the 6-story parking structure was built in front of it.

Maybe next time someone will think to ask the neighbors (in this case, the hotel people) before putting a 6-story structure in the way. Couldn't we have built parking underground?

[Graham]

I say install some windows and doors and let the homeless move into it. It seems we care more about parking spaces with views than proper care for the homeless.