Wabash Landing garage opens
By Heather Mangold
City
Editor
West Lafayette officials gathered in Wabash Landing
Tuesday to celebrate the grand opening of the project's newest completion
— the parking garage.
West Lafayette mayor Sonya Margerum and Herman
Renfro, the project's developer, cut the ribbon together.
"It's a milestone in the development of Wabash
Landing," said Renfro.
The new 6 and 1/2-story parking garage, which will
hold some 680 cars, supports the new retail stores, apartments and the
soon-to-be hotel within Wabash Landing. One hundred four spots will
be set aside for hotel parkers.
Project officials hired Dennison Parking, a garage
management firm out of Indianapolis, to organize and develop the garage.
Parking fees will cost $1 for three hours during
weekdays before 5 p.m. On weekends and after 5 p.m., the charge is $1
for five hours.
"We've found in other urban shopping centers that
that's enough time to have lunch and shop," said Renfro.
However, for the next few months, parking in the
garage will be free.
A walkway which will connect the garage to Wabash
landing apartments, retail stores and the future hotel is not yet completed,
but will be an asset to the project, said Renfro.
Josh Andrew, director of development for West Lafayette,
said the parking garage would "make" Wabash Landing.
According to Andrew, Wabash Landing was a $54 million
project which will result in an additional $4.5 million in tax income.
The city has roughly $12 million invested in the project, $3 million
of which is provided from state and federal funding dollars.
"Actually out of pocket money, we're somewhere
around $8 or $9 million," said Andrew, "If you factor in the $3 million
from state and federal funds."
Normally, when a city partners with a private developer,
the city would provide 25 percent of the project's overall cost, said
Andrew. But in this case, West Lafayette attributed only roughly 10
percent of the project's total cost. This is good news for West Lafayette,
said Andrew.
"We haven't given a lot away. We've been fairly
creative in ledgering our funds," said Andrew.
Andrew said that in addition to the city's creativity
with its funds, legislators have given project officials great cooperation.
"This is a win, win situation for everyone involved,"
said Andrew.
In addition to providing West Lafayette with a
new downtown area, approximately 764 jobs will be created in its completion.
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