JNL Parking was going to apply to be the broker to sell the LOVE Park garage, but after seeing the 45+ pages of red tape we decided to monitor this and bring a qualified buyer to the table instead. We will keep you posted via a listing alert when this garage is officially for sale.
BY CATHERINE LUCEY, Daily News Staff Writer
FIRST the Philadelphia Gas Works, now the LOVE Park Garage.
The Nutter administration has put out a request for proposals seeking a broker to oversee the potential sale of the 810-space parking garage beneath the iconic LOVE Park. Selling off the garage, owned by the city and operated by the state-run Philadelphia Parking Authority, has long been discussed by officials.
The proposal request states that the successful bidder must manage the sale process and conduct "financial analysis related to a potential sale and its benefit to the city."
Mayoral spokesman Mark McDonald stressed that the city wanted a "responsible buyer" who would seek to update the aging garage in conjunction with planned renovations of LOVE Park, at 15th Street and JFK Boulevard.
McDonald said the city was exploring the sale because the administration had decided that the garage was "not a part of core city functions." He said a likely sale price had not been determined. The city makes $1.2 million annually from the garage.
McDonald said the proceeds would go to onetime expenses like paying off debt, shoring up the cash-strapped pension fund or investing in aging infrastructure.
This may not be the last sale for the city. McDonald said the mayor is awaiting a report from a task force headed by former mayoral candidate Tom Knox that's looking at what other city assets it might make sense to sell.
This month, the city hired a team of advisers to assist with the potential sale of municipal gas utility PGW.
Council President Darrell Clarke said he was an advocate of selling city holdings when appropriate. He said he had recommended selling the garage in the past and noted that potential operators were interested in the facility under Mayor John Street.
"I think if there's a significant level of interest, hopefully the administration and Council can work together at getting aggressive on this," said Clarke, who noted that under Street it was speculated that the garage could sell for $35 million to $40 million. Proposals are due by Sept. 21, and the city is looking for the broker to start Nov. 1.
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