Mayor Bill Haslam and City Council today cut the ribbon to open the Market Square Parking Garage, which was built to serve the growing number of downtown residents, visitors and businesses.

Drivers can park in the new garage - as in all City-owned garages - free on weeknights and weekends, with the exception of UT football games when the charge is just $5.

"Downtown is seeing a resurgence of activity, and this project supports that activity by giving those who live, work and visit downtown convenient parking," Mayor Bill Haslam said. "The garage's central location, easy access and no or low cost makes it easy for people to come downtown for business and fun."

Ribbon Cutting on top of the new Market Square GarageThe budget for the parking garage was set at nearly $14 million in fiscal year 2004, but the Mayor's administration has shaved those costs to under $11 million through value engineering, project management and a competitive bid process. As previously announced, that savings will be reinvested in downtown Knoxville to aid in the construction of a movie theatre. "The project team worked diligently and successfully to bring this facility in on-time and under-budget," Mayor Haslam said.

Knoxville's Community Development Corp. served as the project manager, and Realty Trust Group as the owner's representative. Ross/Fowler served as the architect, and Johnson & Galyon as the general contractor.

Daily parking rates are $1 for the first two hours, then $1 per hour up to a $7 daily max. Monthly parking rates are $80 for corporate spaces, $40 for residential spaces. Parking in the Market Square garage - as well as State Street and Locust Street garages - is free after 6 p.m. Monday through Friday and all weekend, with the exception of certain special events like UT football.