The Massachusetts Department of Conservation and Recreation (DCR) announced LAZ Parking as the successful bidder on its Storrow Drive parking lot in Boston. The LAZ bid of $5.2 million over 5 years to lease and operate the parking lot was 8.7 times the value of the existing parking lease.
Located within Boston’s Charles River Reservation near Charles Circle, the lot was previously operated under a long term, legislated lease that significantly undervalued the property. In its press release, the Department explains that LAZ proposed a well thought-out program for increasing access for local parking users as well as a detailed plan on maximizing revenue, allowing taxpayers to realize the full value of the property.
LAZ Parking President Jeff Karp said “LAZ is looking forward to providing enhanced value to the Commonwealth – both for the local residents of the Esplanade and neighborhood, as well as visitors to the area”. The contract will begin in January 2013.