Spokane, Wash. – River Park Square parking garage operators released today first quarter 2001 gross revenue and garage utilization figures which show a continued upswing in the garage’s business performance.

Gross revenues rose 36 percent in the first quarter this year, compared to the same period in 2000.  More than $485,000 in gross revenues was collected first quarter 2001, an increase of $129,000 over first quarter 2000. 

The number of cars utilizing the parking garage first quarter 2001 is up 27 percent over first quarter 2000.  More than 196,000 cars parked in the downtown parking facility during the first quarter 2001, an increase of 42,000 cars over the same period in 2000.  

“River Park Square is doing very well, and the parking garage is benefiting from the increasing number of customers and the expanded activities and shopping, dining and entertainment options,” said Bob Robideaux, project director for River Park Square.  “Many of the River Park Square tenants reported significant increases in sales and customer traffic over the past year which have impacted the increases in the garage’s business performance.”  
 

First quarter figures break down as follows:

While the parking garage continues to show a strong upward trend in gross revenues, they fall short of meeting expenses.  The developer continues to be open and committed to solving the revenue shortfall with sound business solutions.    
 
“One solution with strong potential to impact the long-term success of the garage is a comprehensive parking system for the urban center of Spokane,” Robideaux added.  

River Park Square and surrounding downtown businesses serve a regional market of more than 1.7 million people.  The new retail center has generated more than $5.4 million in tax and fee revenues for the City of Spokane and services located in the City, has created and retained more than 1100 jobs, and has served as a catalyst for downtown revitalization.  Since River Park Square opened, more than $250 million in new downtown construction projects have been announced or moved forward.