A key to the development of downtown areas is to accommodate the often-substantial parking requirements. Generally, parking for downtown developments must be located in structures as a result of high land prices, shortage of available land area and good planning practices. Building a structured parking deck is expensive, often adding up to $30,000 per parking space to the overall cost of the development. Ironstate has been a leader in finding creative ways to finance structured parking in concert with downtown development projects. In Morristown, Ironstate formed a venture with the Morristown Parking Authority to provide parking to the residents of Chancery Square and community residents and retail patrons by utilizing the bonding capability of the Parking Authority to finance a parking facility on an adjacent site. Ironstate made annual payments to help service the interest on the bonds. This strategy allowed the financing numbers to work, thereby facilitating the Chancery Square development and creating approximately 140 new residences, professional offices and over 300 new parking spaces in downtown Morristown.