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@owen : neat! thanks for the info!
There used to be a hotel there, called the Swannanoa Hotel (later the Swannanoa-Berkeley) which was built in the 1880s, burned, rebuilt in the 1910s, and torn down in 1968. Whatever that is, is likely a part of the old hotel.
http://www.flickr.com/photos/ncccha/4442139966/
i hate parking garages. tell me this one won't look like a terrible concrete eyesore for 21 million dollars.
My guess is that it's some remnant of the large Swannanoa Hotel that occupied the site in the early 1900's. Maybe something from the boiler system.
That a big hotel was once located on that piece of ground is always a fun fact to recall whenever people start complaining about a hotel building there now.
That something is where the taxpayers' money is going …. down a big hole.