The city of Los Angeles has released a request for proposals (RFP) for a long-term lease of ten of its parking garages comprising 8,398 parking spaces.
LA: planning to
Earlier this year, Chicago-based Loop Capitals, acting as the city’s sole sell-side advisor on the deal, said it expected to raise between $200 million and $300 million on a 50-year lease of the ten parking garages.
In addition to the ten garages already included in the contract, the concessionaire will have the option of negotiating the inclusion in the contract of three other garages currently in construction.
Proceeds from the deal would likely be used to replenish Los Angeles’ reserve fund, after using approximately $95 million to pay off debt from some of the parking garages, according to an earlier press release.
To view the RFP, please click here.