 The City of Temecula Redevelopment Agency utilized approximately $19 million in locally generated RDA funds to construct the new Civic Center Parking Structure located on Mercedes Street in Old Town Temecula. Old Town is located at the heart of the city and is emerging as Temecula’s downtown. The area is vibrant, pedestrian friendly and charming. As a result of combined private funding and Redevelopment Agency investment, the Old Town area has recently experienced significant growth and development despite the recent economic downturn. New developments in the Old Town area include a variety of residential, mixed use and entertainment oriented uses, thus driving the need for more parking in the area to support the needs of the new businesses and tenants that have recently been established in the area.
The initial RDA investment of $19 million is expected to leverage $247 in private investment over the lifetime of the project. Additionally, the design and construction of the Civic Center Parking Garage generated close to 600 jobs from 2006-2010. The construction of the parking garage started in 2008 and the facility opened in March 2010. The new, three-story, 175,000 square foot parking garage provides 472 new parking spaces and is powered by a clean energy source: solar panels that have been installed on the roof to provide a majority of the electricity that powers the building. Parking is free in the structure. Temecula residents, patrons, visitors and Old Town shoppers have a convenient place to park and are now more likely to traverse the area by foot. The first floor of the parking structure also houses a police substation, providing a presence that will benefit public safety, and the Temecula Valley Convention and Visitors Bureau, whose proximity to the Old Town area will be an economic asset to the existing businesses in the area.
The structure itself provides a sense of permanence in the Old Town area, and an important landmark for those observing the Old Town area from Interstate-15. The structure is intended to accommodate the future growth that is expected to occur over the next 20-30 years. Without local Redevelopment funding of $19 million the Old Town Parking Structure never would have been built. The 600 jobs that resulted from this project would not have been created, and the expected $247 million in private investment would not occur in Old Town in the future.
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