Archive for Parking

Aug
29

60 New Public Parking Spaces Coming to Spartanburg CBD

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parking lotAbout 60 new public parking spaces are on their way to downtown Spartanburg.

Spartanburg City Council on Monday night unanimously approved bids for demolition of the buildings at 177 W. Broad Street and 100 S. Spring Street for use as future temporary parking lots.

A small parking lot between the two buildings holds 28 parking spots. Assistant City Manager Chris Story said the building demolition would allow for 60 new spaces to fit in the area.

“We should be able to get started within the next month,” said David Cook, city construction project manager.

Along with demolition of the buildings, the work bids included asbestos and lead paint removal.

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Categories : Spartanburg
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Jun
05

Ziff Properties Sells Savannah Parking Garage

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ziff-properties-logoZiff Properties Inc. has sold the Manger Parking Garage, a 420-space parking structure located at 115 E. Congress St. in Savannah. A local buyer purchased the asset for $20 million. Ziff Properties has retained the historic Manger Building, an adjacent 118,059-square-foot office building located at 7 E. Congress St.

Todd Casper and Michael Hassler of CBRE’s Houston office represented Ziff Properties in the transaction.

Categories : Savannah
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Oct
27

Greenville Council Members Concerned About Garage Financing

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parking_signFinancing the new parking garages at Erwin Penland, the RiverPlace expansion and the garage beside the Aloft Hotel will put a strain on funding future projects, city of Greenville staff told City Council on Monday.

Representatives from the city’s Office of Management and Budget (OMB) presented a financing plan during the City Council work session.

Under the model presented to council, the city would issue $19 million in debt through 20-year bonds. A single buyer will purchase all the bonds from the city and then resell them on the open market. The city would provide a $15 million equity payment, which Budget Administrator Matt Efird compared to a down payment on a house.

The city already set aside $7 million in equity when construction began on the RiverPlace expansion and the garage beside Aloft. The additional $8 million would come from surplus Tax Increment Financing (TIF) district money.

Under the model, debt payments will limit the surplus parking revenue council has for other projects. Last fiscal year, the parking revenue surplus totaled about $1.6 million.

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Categories : Greenville
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Aug
28

Colliers Releases Columbia Parking Report

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The vacancy rate for parking garages in Columbia’s Central Business District (CBD) was 29.02% at mid-year 2014, down from 33.29% the previous year. This decrease in parking availability reflects the tightening CBD office market which was 88.19% occupied at midyear 2014. City owned parking facilities reported a vacancy rate higher than those of the private sector with vacancy rates of 31.30% and 27.19%, respectively.

DOWNLOAD THE REPORT HERE

Categories : Columbia
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Apr
14

Would You Pay $98,000 for a Parking Space?

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It’s rectangular in shape and can carry a six-figure price tag common for some luxury vehicles.

But there’s no engine, and the only tires are those that roll across it.

A reserved parking space is a strengthening part of the real estate market in downtown Charleston, providing pricey relief for motorists who might otherwise circle city blocks for on-street parking in some densely populated areas.

On-street parking spaces often are at a premium on the city’s narrow streets, which are flanked by historic buildings and homes that were built long before the first automobiles rolled off assembly lines. Some recent sale listings for a single parking space in private parking lots in downtown Charleston have neared $100,000.

Prices vary greatly depending on factors such as proximity to the business district and well-heeled residential enclaves including the French Quarter.

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Categories : Charleston
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