The average cost in the Mid-Atlantic Market for a 50,000 square foot (5,555 square yards) parking lot ranges in price from $1.25 - $1.50 per square foot for a 1 &frac12;” – 2” compacted overlay. The factors listed below will also dictate the installation price. The cost of paving fabric typically ranges from $0.14-$0.22 per square foot or $1.26 - $1.98 per square yard. 2  LEVELING COURSE OR DRAINAGE CORRECTION: If the asphalt parking lot currently has extensive puddling or large areas of standing water from improper grade, you will want to correct these prior to paving.