Vehicle traffic and parking are generally some of the most contentious issues when it comes to new development anywhere in Chicago—even in the dense downtown. And while it’s common for residents in high-rise buildings to own a parking spot, one investor got in early at Lakeshore East and scooped up 38 spaces in the Field Harbor Parking Garage. Located just across the street from the popular Maggie Daley Park and other attractions in the greater Grant Park, these spaces are quite valuable as one would imagine.
The parking spaces are being offered as a package at $1.3 million or can be purchased individually for $35,000. According to listing agent Ryan Hardy who is representing the seller, the spaces are earning about $180 per month. The total rent collected on the 38 parking spots comes to roughly $82,000 per year. However, Hardy suggests that neighboring buildings are charging much more for rent and that there is an opportunity to earn even more with these.
The timing of the listing is not coincidental. Even the listing for the 38 parking spaces highlights the hundreds of new rental units and hotel rooms planned for the remaining sites at Lakeshore East. In Hardy’s listing, he speculates that deeded parking in the neighborhood could eventually balloon to $50,000 to $75,000 per space once these new rental units at sites I, J, K, L, and O.
- Deeded Parking for Sale, 38 Spaces [Ryan Hardy]
- Proposed towers for Lakeshore East will deliver thousands of new residences [Curbed Chicago]