View Single Post
  #62  
Old Posted Nov 15, 2019, 1:05 AM
jsbrook jsbrook is offline
Registered User
 
Join Date: Aug 2014
Location: Bala Cynwyd
Posts: 3,658
Quote:
Originally Posted by Aaamazarite View Post
They don't own that lot, just manage it. It's owned by a real estate group that never sells anything and I doubt they need the money. If it ever sells, Parkway will probably buy it. Usually when parkway manages a lot and it comes up for sale, they find a way to be the buyers. Found this out the hard way, unfortunately.
Why do these owners want to leave this as a service lot? They could make a lot more money by selling or partnering with someone and developing it. Not that I want to see a garage here, but even a multi-story garage would make more sense. This is a prime example on whey we need tax reform to make it unprofitable to run a surface parking lot on valuable land and prime real estate. More of a land-based tax. Or up the tax on surface lots to more than 22% of gross receipts if the value of the parcel exceeds a certain value.