For the most part, I try to focus my real estate practice on residential properties, but as someone who offices downtown, I was particularly taken aback by two news items reported this morning. Both involve what appear to be real estate plays that will generate sizeable revenue streams, even in this "down" market; We're talking about parking. That's right, parking. Basically, build the parking area and lay down a few stripes. Invest in some payment collection meters or machines, and voila, you can pretty much kick back and enjoy the ride. Its like printing money.
Don't quite believe me?
First off, read (and weep at) this November 17 Sun Times piece on the "skyrocketing" cost of off-street parking downtown. Next, check out the details of the newly announced privatization of on-street parking. (Spoiler alert: the cost of Off-Street parking downtown has gone up 20% over the last three years. On street parking is about to increase 400% over the next five.
Locking your bike to a parking meter is still free.