(11-23-2015, 11:57 AM)mpd618 Wrote: The more of this we do, the more viable it is. This block in particular would be a great spot for a (private) pay parking structure available for any uses - rather than the tightly-coupled parking for Bauer buildings, for this development, and for Sun Life. If it's available to the public, that means you have a much broader potential pool of users, e.g. people working a few blocks away might use it.
Again, the main barrier to this would be the capital costs of the facility. Who's going to put up $1M or more to test the concept?
I'm just brainstorming here but...
Maybe the developer could float shares of the company that operates the facility. Share ownership, say of at least $xx,000, might also confer some right to rent a parking space either in a prestige location (e.g. nearest to where you live or near an elevator, etc.) and/or at lower than market rates. Or maybe something like if you own at least $yy,000 in shares the dividends paid by the corporation will be enough to cover the rent on a parking spot. (Dividends are taxable so there might be better ways to structure such an arrangement.)
There would still be risks but shared ownership would help spread them out. And those who live in the area and/or occupy space in the parking facility would be able to share in the costs, risks and (hopefully) rewards.
Also it's only a 5-10 minute walk from GR Hospital and, as you say, it's even closer to Sun Life. So it might be possible for people who have spots in the facility and who drive to work elsewhere to make their spots available to GRH/SunL visitors and employees between 9am and 5pm. Those revenues could be shared between the operating company and the "owners" of the spots. There are already cellphone apps that facilitate this sort of arrangement, e.g. Parking apps will allow owners to rent out parking spots by the hour