Vancouver approves sale of parking garage

first_imgThe Vancouver City Council on Monday approved the sale of a downtown parking garage which has been operating at a net loss for years.The council declared the 207-spot parking garage, 1111 Main St., as surplus property in December to pave the way for its sale for $1.1 million but decided to hold off and get a second appraisal. The council on Monday approved a sale price of $1.26 million.The buyer is Main Place of Vancouver, a company which owns the adjacent Main Place office building. The company approached the city last year about buying the garage, which the city built in 1991 to attract commercial economic development downtown.Since building the garage, however, the city’s policy on public parking services has changed from attracting businesses to attracting patrons to “shop, dine, recreate and be entertained.”The Main Place Garage, according to a staff report by City Manager Eric Holmes, “almost exclusively serves” the employees who work in Main Place and other nearby businesses. “Main Place Garage loses money each year and is almost exclusively operated as a commuter facility. Despite the fact that there has been no net income generated on this facility since the initial investment, it has fulfilled an economic development goal established in 1991,” Holmes wrote.last_img read more