FOR IMMEDIATE RELEASE
Downtown Parking Closeout:
FINAL 105 INDOOR SPACES FOR SALE AT FIELD HARBOR PARKING GARAGE
CHICAGO—With parking fees in downtown Chicago headed for $6.50 per hour at a privatized city parking meter, more and more wise motorists are shopping for a better deal and finding it at Field Harbor Parking located at 165 N. Field Drive, just east of the Loop.
“At some Chicago parking garages, drivers pay $360 a month for a space, daily parking rates are surging toward $30, and soon you’ll be paying $52 a day to park at a downtown meter,” said Paulette Rodriguez, exclusive sales and marketing agent for Field Harbor Parking, LLC, a Chicago-based investment group.
The forecast for sharply higher downtown parking meter rates came after Mayor Richard M. Daley engineered a 75-year deal to privatize Chicago’s metered parking and generate $1.16 billion in revenue.
The cost to park a car at a meter in downtown Chicago rose to $3.50 an hour from $3 an hour on January 1, 2009. By 2013, the cost of parking at a meter in the Loop will skyrocket to $6.50 an hour and the price at a meter in outlying neighborhoods will increase eight-fold.
In addition, Chicago’s 2009 budget includes a 75-cent increase in the city’s parking tax on motorists who pay more than $12 to park.
“Many smart motorists are seeking the convenience of parking in downtown Chicago—right across the street from Millennium Park—without fighting to find a scarce and costly meter,” Rodriguez said.
Field Harbor Parking space owners also have easy access to the 24.5-acre Millennium Park, which has evolved into the most significant city millennium project in the world. The Millennium Park is south across Randolph Street, only steps from the parking facility.
The 2-level Field Harbor Parking garage also is on the southern fringe of the 28-acre Lake Shore East development, a stone’s throw from Burnham Harbor and the Columbia Yacht Club. Lake Shore East is the site of 5,000 homes, a 6-acre public park, more than 2 million square feet of commercial space, 770,000 square feet of retail space, 2,200 hotel rooms and the city of Chicago’s first new public elementary school in years.
“Buyers at Field Harbor Parking range from homeowners without deeded parking, local and foreign investors as well as city and suburban residents,” Rodriguez said.
The condominium-parking spaces at Field Harbor Parking are inside a well-lit heated garage with 24-hour security and on-site management on the lower level at 165 N. Field Drive.
With 75-percent of the 407 indoor deeded and heated parking spaces at Field Harbor Parking already sold, only 105 spaces are available, said Rodriguez. Prices start at $34,000.
“As property keeps appreciating in the hot Millennium Park neighborhood, people see the value in owning a downtown parking space near Michigan Avenue and Grant Park,” she noted.
Offering the parking spaces for sale unattached from a condominium development is a bit novel in Chicago and may be a bargain that won’t last long as prices continue to rise, Rodriguez said.
Purchasing a parking space is much like buying a condominium or any other piece of real-estate, experts say. Most lending institutions will grant a mortgage or equity loan to make the purchase, which also comes with the same tax advantages as buying a condominium, said Rodriguez.
Current monthly garage rents in the downtown east Loop area range from $180 a month for residents at the Outer Drive East to $310 a month at the Prudential Building and up to $360 a month for non-residents at 225 N. Michigan. Monthly parking at the Grant Park and Millennium Park garages ranges from $220 to $289.
For-sale parking spaces at Near East Side condominium buildings currently range in value from $35,000 to $70,000. “The trend is clear,” Rodriguez said.
Located on Michigan Avenue between Randolph and Monroe Streets, Millennium Park is an unprecedented center for world-class art, music, architecture and landscape design. Visitors can experience everything from interactive public art and ice skating to al fresco dining and free classical music presentations by the Grant Park Orchestra and Chorus.
Among the park’s prominent features is the dazzling Jay Pritzker Pavilion, the most sophisticated outdoor concert venue of its kind in the United States, designed by Frank Gehry, one of the world’s greatest living architects.
“The convenience of having your own private parking space near Millennium Park avoids hassles and maximizes downtown enjoyment,” Rodriguez said. “Parking like this is priceless, making the purchase of a Field Harbor Parking space a smart investment choice.”
Field Harbor Parking is also nearby the Art Institute, Field Museum and Shedd Aquarium on the Museum Campus as well as world-class shopping on Michigan Avenue, Rodriguez said. Grant Park and Lake Michigan are also just steps away.
The Field Harbor garage, just north of Millennium Park, is accessed from the lower-level of Randolph Street.
Enhancing accessibility to Field Harbor Parking and the emerging New East Side neighborhood is a new City of Chicago automobile access ramp, which recently opened to provide traffic access to the lower level of the community. A commercial elevator next to the Harris Theater provides access from street level to lower Randolph.
For more information on purchasing a space or for directions to Field Harbor Parking, LLC, please call Paulette Rodriguez at 312-420-8648 or visit the web site: www.ParkingBroker.com.
CONTACT: Don DeBat
OR: Paulette Rodriguez