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> Self-driving cars will render these obsolete They already are [1]: > If you park your car on the lower level of the Millennium Lakeside Garage under Maggie
by OrangeMango 7y ago
> Self-driving cars will render these obsolete
They already are [1]:
> If you park your car on the lower level of the Millennium Lakeside Garage under Maggie Daley Park, you might feel like you've just pulled into a subterranean car dealership.
> Rows of new and used Volkswagens and Hondas—nearly 400 in total—fill a lot of the space. You might spot a worker painting a Jetta with a spray gun. The level above has a more nautical feel, with dozens of empty boat trailers.
> Yet the garage still isn't close to full, a problem for the international joint venture that paid $370 million in 2016 to lease it and three other city-owned garages under Millennium and Grant parks. With 9,176 spaces, the garages constitute the largest underground parking system in the country. At 3.8 million square feet, it's almost as big as Willis Tower.
> It's actually too big, which is why Rick West, the executive who runs the garages, is exploring creative ways to fill excess space in Lakeside, the easternmost and largest garage, with 3,850 spaces. He'd like to convert part of it into warehouse space, even hiring a brokerage to market the property to logistics firms. But he hasn't landed any tenants yet.
> "I'm really looking at anything and everything having to do with mobility—that could be mobility of people or mobility of things," says West, CEO of Millennium Garages. "How do I keep this asset relevant for the next many, many decades?"
[1] https://www.chicagobusiness.com/commercial-real-estate/prime-lakefront-real-estate-seems-impossible-fill https://www.chicagobusiness.com/commercial-real-estate/prime...
- cylinder 7y agoYou'd think he'd try to ponder those questions before investing $370 million of other people's money.
- lotsofpulp 7y agoI would think other people would ponder those questions before giving someone else their money.