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  #61  
Old Posted Nov 14, 2019, 6:03 PM
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Aaamazarite Aaamazarite is offline
Cory Trevor Leahy
 
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Originally Posted by Londonee View Post

i mean...they also own (or are in partnership with) what's now the most conspicuous lot in Center City - the lot 80ft off Rittenhouse Square at 20th/Walnut. Almost across the street from the Laurel...
They don't own that lot, just manage it. It's owned by a real estate group that never sells anything and I doubt they need the money. If it ever sells, Parkway will probably buy it. Usually when parkway manages a lot and it comes up for sale, they find a way to be the buyers. Found this out the hard way, unfortunately.
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  #62  
Old Posted Nov 15, 2019, 1:05 AM
jsbrook jsbrook is offline
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Originally Posted by Aaamazarite View Post
They don't own that lot, just manage it. It's owned by a real estate group that never sells anything and I doubt they need the money. If it ever sells, Parkway will probably buy it. Usually when parkway manages a lot and it comes up for sale, they find a way to be the buyers. Found this out the hard way, unfortunately.
Why do these owners want to leave this as a service lot? They could make a lot more money by selling or partnering with someone and developing it. Not that I want to see a garage here, but even a multi-story garage would make more sense. This is a prime example on whey we need tax reform to make it unprofitable to run a surface parking lot on valuable land and prime real estate. More of a land-based tax. Or up the tax on surface lots to more than 22% of gross receipts if the value of the parcel exceeds a certain value.
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  #63  
Old Posted Nov 15, 2019, 1:14 AM
Londonee Londonee is offline
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Originally Posted by Aaamazarite View Post
They don't own that lot, just manage it. It's owned by a real estate group that never sells anything and I doubt they need the money. If it ever sells, Parkway will probably buy it. Usually when parkway manages a lot and it comes up for sale, they find a way to be the buyers. Found this out the hard way, unfortunately.
Good info, thanks. I included (in partnership with) b/c i vaguely remember that story. It's a shame the city can't do something to push this along...like create the "Rittenhouse Square improvement tax" and mark a few lots up that fall within a designated "zone." I'm sure that's possibly illegal to do. What do other city's do in this context (my gut is Philly is the last place to have a progressive incentive package for lots like this)?
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  #64  
Old Posted Nov 15, 2019, 4:04 PM
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Aaamazarite Aaamazarite is offline
Cory Trevor Leahy
 
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Originally Posted by jsbrook View Post
Why do these owners want to leave this as a service lot? They could make a lot more money by selling or partnering with someone and developing it. Not that I want to see a garage here, but even a multi-story garage would make more sense. This is a prime example on whey we need tax reform to make it unprofitable to run a surface parking lot on valuable land and prime real estate. More of a land-based tax. Or up the tax on surface lots to more than 22% of gross receipts if the value of the parcel exceeds a certain value.
In theory, yes they would make a lot more money partnering, developing, or even selling it. However that would mean they would have to get off their butts and do something-- these owners barely maintain the many many valuable apartment holdings they have.

There has already been some tax reform that has helped push surface parking owners to sell/develop-- the change in land's proportion in property taxes and the stormwater charge being the most recent. The big companies just started charging more to make up for it. One infamous parking lot owner once told me that 20 years ago he profited like .85 per dollar spent by his parking customers, and now it's like .50 per dollar.
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  #65  
Old Posted Nov 15, 2019, 10:09 PM
City Wide City Wide is offline
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A year ago or so the owner? of Parkway in a interview said something like you can't make money in parking any more, that real estate development was the forward for his company (easy to say when you own all those lots). He mentioned the increase in the City's parking tax and less demand as his basis for his statement. I can think of 3 garages that have been torn down with a couple more planned and maybe 5 or more lots then have been built on, and apparently theres still an excess of spots. Hopefully that isn't a indication of less interest in CC. In any case the lot the I can't figure out is at 17th and Pine; any type residential built in that area would bring in piles of cash.
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  #66  
Old Posted Nov 15, 2019, 10:19 PM
3rd&Brown 3rd&Brown is offline
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Originally Posted by City Wide View Post
A year ago or so the owner? of Parkway in a interview said something like you can't make money in parking any more, that real estate development was the forward for his company (easy to say when you own all those lots). He mentioned the increase in the City's parking tax and less demand as his basis for his statement. I can think of 3 garages that have been torn down with a couple more planned and maybe 5 or more lots then have been built on, and apparently theres still an excess of spots. Hopefully that isn't a indication of less interest in CC. In any case the lot the I can't figure out is at 17th and Pine; any type residential built in that area would bring in piles of cash.
I remember that article. I wanted to scream when I read it.

It has almost nothing to do with the parking tax and everything to do with ride sharing services.

Most people simply don't want to deal with the hassle of driving in and out of the city anymore, especially if there is any chance that they'll be drinking. You can get to Center City from most points on the Main Line, Delaware, Montgomery and Lower Bucks for less than $40 each way via uber etc. If you're splitting it with 1 or 2 people, it's even cheaper...and far less money than a DUI, especially considering you're not paying the $30 to park in the garage for the night.
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