UPDATE: Pending Sale Leads to Concerns over Downtown Parking

June 24, 2014

The Charlottesville Parking Center, Inc. (CPC) controls much of the parking scene on the Downtown Mall, but CBS19 has learned a private firm has made an offer to buy it. CPC assets include the Water Street Parking Garage and the paved parking lot on Water Street. Combined, the properties are valued at over ten million dollars.

Many businesses owners have voiced concerns about what the sale means for parking around the Downtown Mall. Although CPC owns the parking garage structure, shareholders own the parking spaces. The City of Charlottesville owns the largest stake, holding 629 parking spaces out of 1,000.

Chris Engel, the director of economic development for the City of Charlottesville says he does not anticipate the sale of CPC to change the parking situation in the Water Street Parking Garage. But that is not the only business agreement between the City and CPC that could be impacted. The Market Street Garage is owned by the City, which signed a ten-year contract with CPC in April to manage it. Either party can opt out of the contract April 1st of 2015.

Representatives for CPC say they will not be making any public comment at this point. The sale is pending on a shareholders vote, which is expected to take place in early July.

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