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How much does it Cost to Build a Parking Lot?

The average cost to construct or pave an asphalt parking lot in will vary by region and contingent on several factors. The cost of building parking lots can be calculated per square foot or per space/stall although the former is the usual method. Calculating the costs of asphalt parking lot construction, resurfacing, maintenance or replacement requires calculating many variables.

There is no “one size fits all” calculator available. A trained estimator will need to do a complete evaluation, go over options and provide a firm quote.  However, to help provide some pricing guidance below is a list of several different parking lot options, a range of pricing and some of the factors that go into the actual costing of parking lot paving.

New Parking Lot Construction Cost Considerations

Major factors to consider when pricing a new parking lot include the following.

  • The scope of work
  • Expected traffic (Heavy truck traffic, car traffic, garbage trucks, etc.)
  • Asphalt and aggregate pricing in the Cleveland area
  • The distance your location is from an asphalt/aggregate supplier
  • The size of the parking lot
  • Drainage requirements
  • The cost of materials used and labor required
  • The number of mobilizations required

Small parking lots (25,000 Squarefoot/200 car) average between $75,000 and $150,000 to construct. New parking lot construction can range anywhere from $3.00 (light duty car traffic) to $6.00 (heavy duty truck traffic) per square foot.

 

Asphalt Parking Lot Resurface or Overlaying

 

Resurfacing or repaving an asphalt parking lot, also referred to as an overlay is a process of placing a couple of inches of asphalt on top of your existing lot.  The various factors that play a role in the cost to resurface a parking lot include:

  • Asphalt and aggregate pricing in your area
  • Milling “alligator cracking”, leveling course or drainage correction, availability of raw materials and fuel cost volatility, the type of paving company chosen, scheduling, accessibility to the parking lot site and the ease of paving.
  • The distance the location is from an asphalt/aggregate supplier
  • The size of the parking lot
  • The depth of the resurface
  • The condition of your existing parking lot
  • The number of mobilizations required

Small parking lots (10-30 spaces, 4000 to 10,000 square feet) cost between $5,000 and $20,000. Larger parking lots (30-300 spaces, 10,000 to 100,00 square feet) cost between $12,000 and $200,000 to construct. This cost can range in price from $0.90 to $2.50 per square foot.

Parking Lot Sealcoating

Sealcoating the parking lot is a relatively inexpensive way to help protect the investment that already been made in the parking area.  Cost can range in price from $0.05- $0.20.  Pricing factors can include:

  • The type of sealcoat used
  • The size of your parking lot
  • How clean/dirty the lot is
  • The number of mobilizations required

Small parking lots (10-30 spaces, 4000 to 10,000 square feet) cost between $500.00 and $2,500.00. Larger parking lots (30-300 spaces, 10,000 to 100,00 square feet) cost between $600.00 and $25,000.00 to sealcoat. This cost can range in price from $0.07 to $0.25 per square foot.