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If the lot is going to be lit, you have to add in the expense of the lighting, many areas have codes that require you to have so many square feet of landscaping per square feet of parking lot. You also can't just throw some blacktop over dirt and call it good, they will likely have to excavate about a foot or so deep, remove that dirt, then bring in road base (a mixture of gravel and dirt), compact that to approximately 90% compaction and then pave it. The Paint that they will use isn't just an ordinary inexpensive house paint either, it is specifically designed for that purpose, and is also very expensive. You didn't say what part of the country your University is in, but yeah when you figure in what materials cost, what labor costs, what equipment costs, and then add a 30% markup (which is very reasonable) I can see it costing that.
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