Parking Services sets rates for new Innovation Campus Academic Building One in Alexandria

From: Virginia Tech Transportation Services

As the opening of the new Innovation Campus Academic Building One approaches, Parking Services shares the following information. 

Annual parking permits

Starting Dec. 1, 2024, Virginia Tech faculty, staff, and students will have the option to purchase a pro-rated 2024-2025 annual parking permit for the Innovation Campus Academic Building One in Alexandria, Virginia. The 2024-2025 pro-rated Annual Permit will be valid from Jan. 1, 2025, to Aug. 31, 2025, and will be available for $1,120, equivalent to $140 per month. 

The pass will be available beginning on Dec. 1, 2024, on Virginia Tech Parking Services Parking Portal with the following payment options:

• Payroll Deductions: Faculty and Staff will be eligible for pre-tax payroll deductions
• Bursar Account: Students may put the cost on their Bursar account
• Credit Card: All buyers may select a one-time charge for the full amount at the time of purchase

Parking rates for shorter terms

Alternative parking permit options include:

• Monthly Permits: For individuals preferring to purchase parking month-to-month, a monthly permit may be purchased for $200 per month via credit card through the Virginia Tech Parking Services Portal.
• Daily and Hourly Permits: Daily and hourly permits will be available at the parking location. The hourly rate will be $4 per hour for up to 3 hours or $20 per day.

Future parking costs

As a reminder, Virginia Tech Parking Services is required by law to operate as an auxiliary enterprise meaning that it must fully cover any debt service on the facility and annual operating costs as well as maintain sufficient reserves to address capital maintenance and other long-term costs. Parking rates are set annually. Rates for the 2025-26 academic year will be informed by Spring 2025 usage, projected future demand, future costs, and ongoing market analyses in Alexandria.

Please direct questions to 540-231-3200 or email parking@vt.edu. 

Sustainable transportation options

• Commonwealth Commuter Choice
  • For Faculty and Staff who commute at least one day a month, you are eligible for the Commonwealth Commuter Choice monthly SmartBenefits in free SmarTrip credit (tax-free).
  • For customers whose transit providers do not accept SmarTrip cards, you can allocate your SmartBenefits to pay for eligible vanpools, MARC, VRE, MTA Commuter Bus, and MetroAccess.
  • Both Alexandria and Arlington are eligible locations for these programs.
• U-Pass
  • Full-time enrolled students with at least one in-person course are enrolled in the U-Pass program. U-Pass provides full-time Virginia Tech students unlimited access to Metrorail and Metrobus throughout the semester, for about $1 per day. The mandatory fee is included as part of the comprehensive fees package for students.
• Capital Bike Share
  • Conveniently located by the Academic Building One in Alexandria.
  • Capital Bikeshare is the bikeshare system for the greater Washington, D.C., metro area. With over 700 stations and 6,000 bikes, students can ride to classes or for pleasure. Capital Bikeshare’s University Membership Program provides annual memberships to Virginia Tech students for just $25.
  • Annual memberships include unlimited rides under 45 minutes on classic bikes (longer rides incur usage fees). E-bikes are available for $0.10/minute and can be locked to regular bike racks for $2. See Capital Bikeshare's annual memberships webpage for more details.