Why is the City leasing 380 parking spaces to Greenfire?
Any entity now has the ability to lease spaces from the City at market rate. Most deck spaces cost $45 per space per month. Most surface lot spaces are at $30 per space per month. Greenfire approached the City with a request for parking to meet the needs of its proposed development. With a current 57% parking occupancy rate, the City determined that the proposed parking plan is a positive way to both increase occupancy in existing parking spaces and to increase revenues to the City. The approach includes leasing to Greenfire Development 150 spaces in the Durham Centre deck and 230 spaces from a combination of the Corcoran Street Deck, Lot 14 and the Church Street Deck. So that financing can be secured for the project (similar to the long-term parking lease between the City’s North Deck and Capitol Broadcasting at American Tobacco), the City is proposing a 20-year lease with escalating lease payments in Year 11.
