The new 441-space Jones Ferry Park-Ride lot opened Monday and provides free parking for Chapel Hill, Carrboro and University commuters.
The lot is located a 10-minute bus ride away from campus and is serviced by three bus lines.
The CM and the CW bus lines service the lot every 30 minutes to an hour, depending on the day, and the Jones Ferry Express bus arrives every 10 to 15 minutes during the morning and afternoon rush hours.
The first bus departs at 6:20 a.m., and the last bus arrives at 9:17 p.m.
Funds from Chapel Hill, Carrboro, the University, the state of North Carolina and the Federal Transit Administration budgets shouldered the $994,000 construction cost of the lot.
Rick Hannegan, assistant transportation director for Chapel Hill, said students and employees at UNC Hospitals and the University will be the lot's primary users.
"I would guess it's going to be evenly split because it serves the southern part of campus," he said.
In a press release, Chapel Hill Town Manager Cal Horton said the project will enhance the daily commute for many residents and cut down on pollution and traffic congestion in the towns.
Carrboro Town Manager Bob Morgan said both Chapel Hill and Carrboro will reap the benefits of the parking lot. "It's beneficial to both towns," he said.