Feasibility Study for the Establishment of a Multi-Story Car Park, A Case Study

Abstract

Background: Cars cruising to search out a parking zone represent a key component of the traffic on urban university campuses. Objective: The research aims to prepare a feasibility study for a multi-story car park for Engineering College /Mustansiriayah University through public-private partnership as a solution for parking problems which consumes a lot of time and effort. Methods: At first, theoretical information was collected about the subject of the research; a field survey was conducted to estimate parking demand and supply. A feasibility study was prepared for a proposed four-story car park. Results: The field survey showed that the current car park accommodates only 48% of the peak demand, so the rest of the cars are parked in an irregular manner. The proposed multi-story car park was estimated to have a maximum capacity of 560 cars and an investment cost of (4,140,875$). Conclusion: The economic indicators of the project showed that it would achieve a Simple Rate of Return 5.49% of the investment cost. It has a positive net present value at 5% rate of discount, which means it is feasible, and has an internal rate of return 8.1%, also the payback period is 10 years, which means that the investor will have his investment back after 10 years of operating the project. This research contributes to the body of information by including community participation in the procurement of infrastructure.