Walker was approached by a client to complete a due diligence survey of a parking structure that is connected to a hotel in downtown Indianapolis. Before purchasing the property, our client wanted to know if there was a way to salvage the parking structure. The facility was constructed in 1968 and includes 656 parking spaces on 11 levels. It required extensive repairs and much of the embedded slab post-tensioning system was highly corroded and not salvageable. The preliminary cost projection to demolish and rebuild was approximately $17 to $20 million.
Through Walker’s innovative engineering and experience, we were able to develop an opinion of probable cost for a way to repair the structure, saving our client at least $13 million and extending the service life by 20 to 30 years. Based on this report, our client moved forward with the purchase of the hotel and parking structure.
Following the purchase of the property, the client hired Walker to implement the conceptual repairs we outlined in our due diligence report. A major part of the design effort was phasing to keep the hotel and parking structure operational during the repair process. Through a successful implementation of the repairs, no more than 25% of the structure was taken out of service at any one time, no events were ever cancelled or rescheduled out of the ballroom, and the project stayed within the budget outlined in the due diligence effort.
Walker’s expertise provided our client the confidence to purchase the hotel, and our ingenuity allowed them to avoid a costly demolition and reconstruction. Instead, they were able to continue to generate revenue from the existing parking structure while renovating it and extending its life.