What to do with the Smith Baker Center was back before the City Council on Tuesday in the form of a motion response from the city’s Department of Planning and Development. Here are the major points made in that report: A grant from the Massachusetts Historical Commission is not a viable option to help preserve the building so that will not be pursued.
Depending on the amount of usage of the garage by court visitors, the opposite might be true. If the garage is intended for the occupants of the two proposed buildings, their parking rates might be heavily discounted as an incentive to sign a lease, so the cash flow for a garage filled with below-market-paying tenants of the buildings would be less than that of a garage filled with customers paying the full rate. But entertaining the question assumes the buildings are going to be constructed which I think is a bigger and unresolved question. A project that seemed feasible when interest rates were zero might not work with interest rates where they are now.
Reading the post, and correct me if I’m wrong. If the Lupoli garage was built in mind to serve not just the Judicial building, but also two other buildings, would that mean the garage will basically be losing money in its first couple years of service?
Depending on the amount of usage of the garage by court visitors, the opposite might be true. If the garage is intended for the occupants of the two proposed buildings, their parking rates might be heavily discounted as an incentive to sign a lease, so the cash flow for a garage filled with below-market-paying tenants of the buildings would be less than that of a garage filled with customers paying the full rate. But entertaining the question assumes the buildings are going to be constructed which I think is a bigger and unresolved question. A project that seemed feasible when interest rates were zero might not work with interest rates where they are now.
Reading the post, and correct me if I’m wrong. If the Lupoli garage was built in mind to serve not just the Judicial building, but also two other buildings, would that mean the garage will basically be losing money in its first couple years of service?