"Once you build it, you can't add more," said David F. Webb, a senior managing director at Cassidy & Pinkard Colliers, which finances office projects in the region. "The developer doesn't want to build more parking than he needs. The lender says, 'Can you prove to me this is enough?' If you're under-parked, you're stuck."
The District is experimenting with technology that allows parking prices to fluctuate based on demand in a pilot program for congested neighborhoods in Ward 6, including the streets near Nationals stadium and Capitol Hill. The market-driven approach drives up the meter price to $35 for three hours on game days. Leaders in Georgetown are considering similar technology.
"It's sending a signal to drivers that if you're gonna drive, it's uniformly going to cost you," said Harriet Tregoning, the District's planning director. "We don't want everyone to think it's great to drive because parking is free and available."
