City Hall Plaza Revamp | Government Center

A couple days earlier, here's the view from above/across the street from BeeLine's vantage point

2021-08-17 18.31.40.jpg
 
Good shot of canopy on the greenway, I wonder if that huge lot across the street in the north end will ever be filled. Not even a proposal yet for that parcel.
 
As with everything else, I've learned to withhold judgment until something has been completed and lived with for a while. My biggest concern is always future maintenance. This is not Post Office Sq where big corporate $$$ supports it. Hopefully there will still be plenty of hardscape for tromping rally feet.
 
Life Coach Mike said:
This is not Post Office Sq where big corporate $$$ supports it.
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Assuming you're referring to the Garage at PO Square which subsidizes the Friends of PO Square which meticulously maintains the park above, I assume that garage was printing money, pre-pandemic. Check out the very bottom of this Project History page for the garage, which I just discovered:

https://www.normanbleventhalpark.org/about-us/project-history/

In 1996, the garage made $8.6 million.

There's no reason to think that from 1997-March 2020, there was any substantial dip in those revenues. Yes, from 2008-2011 or so, the great recession might have temporarily suppressed revenue growth. But note that in 1996, the daily rate was $25 and the monthly pass was $330. Now the daily rate is $40 and the monthly pass is $515.

Based on the substantial growth in rates, I think it's pretty reasonable to assume that from 2010-March 2020, the garage was grossing $10 million annually at minimum.
 
DBM said:
Assuming you're referring to the Garage at PO Square which subsidizes the Friends of PO Square which meticulously maintains the park above, I assume that garage was printing money, pre-pandemic. Check out the very bottom of this Project History page for the garage, which I just discovered:

https://www.normanbleventhalpark.org/about-us/project-history/

In 1996, the garage made $8.6 million.

There's no reason to think that from 1997-March 2020, there was any substantial dip in those revenues. Yes, from 2008-2011 or so, the great recession might have temporarily suppressed revenue growth. But note that in 1996, the daily rate was $25 and the monthly pass was $330. Now the daily rate is $40 and the monthly pass is $515.

Based on the substantial growth in rates, I think it's pretty reasonable to assume that from 2010-March 2020, the garage was grossing $10 million annually at minimum.
Click to expand...

That increase over 25 years is less than the inflation rate over that period of time.
 
shmessy said:
That increase over 25 years is less than the inflation rate over that period of time.
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Only by the most laughably infinitesimal fraction: per the BLS website, $25 in January 1997 was worth $40.56 in March 2020 (gonna assume they froze their rates once the pandemic hit).

And $330 in January 1997 was worth $535 in March 2020.

So, yes, technically--oh-so-barely--inflation slightly outpaced the amount that daily and monthly parking rates rose at the garage over that time. But I'm unclear if you're trying to make a larger point? Have you noticed an appreciable decline in the quality of the tandem park-and-garage experience over a quarter-century, because their revenues, from an inflation-adjusted standpoint, might have declined by, oh, .5%?

[and that's assuming they weren't able to actually increase their overall parking base from 1997-March 2020, which is definitely not an assumption I'd make...)
 
DBM said:
Only by the most laughably infinitesimal fraction: per the BLS website, $25 in January 1997 was worth $40.56 in March 2020 (gonna assume they froze their rates once the pandemic hit).

And $330 in January 1997 was worth $535 in March 2020.

So, yes, technically--oh-so-barely--inflation slightly outpaced the amount that daily and monthly parking rates rose at the garage over that time. But I'm unclear if you're trying to make a larger point? Have you noticed an appreciable decline in the quality of the tandem park-and-garage experience over a quarter-century, because their revenues, from an inflation-adjusted standpoint, might have declined by, oh, .5%?

[and that's assuming they weren't able to actually increase their overall parking base from 1997-March 2020, which is definitely not an assumption I'd make...)
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Never said anything about a decrease in the product at all.

Was referring to your words: " Based on the substantial growth in rates,......". So LifeCoachMike's point is one I agree with. This revenue stream isn't the deep pockets of PO Square's. Here, I don't see those 'substantial growth rates' in the prices over a quarter century that you talk about making it it anywhere close to more feasible to funnel profits to the long-term operations. Perhaps there are other sources of funding, but not from the flat inflation adjusted price hike.

The was no REAL growth in those price rates. In real terms they are level. And it doesn't matter what its grosses. What is the net? What has happened to the cost of liability insurance? Health insurance for the attendants, etc.?
 
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