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Parking Garage Revenue for Parks

Chicago is embarking on a project that will enhance the connection between the famed Grant Park and Millennium Park, which are separated by a roadway. But what’s most interesting about the project is that it draws from revenue parks receive under leases the city granted to private operators of parking garages. Parking garages are buried underneath both of these parks. While getting too involved in the parking business may be anti-park, it is one way to generate revenue. The other prime examples are San Francisco’s Union Square and Boston’s Post Office Square.

2 Responses

  1. This can work out very well for parks. In Cincinnati this was done to a certain extent when Fountain Square was rehabed a couple of years back. The city was able to get a private group to pony up a lot of the money to do the work up front in exchange for the parking revenues later.

    This is also something that is going to be explored with Cincinnati’s historic Washington Park. There are plans to rework that park starting next year and with that process a new underground parking garage will be added beneath the park. I’m assuming something similar to Fountain Square will be implemented here to help pay for the improvements up front.

  2. Thanks for the info on Fountain Square. I will add it to our list.

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