Depending on the size of vehicles that need the parking, there are from 7 – 9 new parking spaces on 3rd Avenue. The new on-street parking is the result of decisions by the city to fund Stage I of a sidewalk project to remove bulb-outs and to allow parking on the south side of 3rd Avenue across from Big Ray’s
By our estimates, these parking spaces could add extra revenue. Easy, convenient parking is essential to business success downtown. It has been estimated in downtowns of comparable size to Fairbanks that an on-street parking space adds $15,000 of revenue to nearby businesses. If that figure holds in downtown Fairbanks, there could from $90,000 – $120,000 of new revenue-generating potential added.
More on-street parking can be easily added to downtown’s “parking inventory” with signage and striping (and Stage 2 of the 3rd Avenue bulb-out removal project).