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Article: Parking lots sprout as building wilts; Unable to complete projects, developers sell or lease their sites.(NEWS)
- Article from:
- Crain's New York Business
- Article date:
- September 28, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: AMANDA FUNG
For over a decade, Impark has labored to expand its parking lot empire in the city to its current 39 sites. Taking over existing sites accounted for most of that growthuntil now. These days, companies like Impark find themselves besieged by developers pitching raw landwhere they'd hoped to erect high-rise towersas potential parking lots.
"We have seen a significant increase in that type of opportunity this year, says Julian Jones, senior vice president of business development at Vancouver-based Impark. "We are happy to look.
With construction loans all but impossible to get, and carrying costs on land adding up, many ...