Garage Band-Aid

Daniel Brook

Philadelphia has been described as a walkable city populated by people who donít walk. A new garage soon to go up in Old City, billed as Phillyís first "Parkominium," only underscores the point. As the name implies, itís like a condominium, except for cars. People purchase a space and pay a monthly maintenance fee. They can use the space, rent it out or sell it, just like a condominium.

According to developer Bob Levitt, the going pre-construction rate ranges from $35,000 to $40,000 per space. In Boston, he says, where the parkominium concept has already taken off, spaces go from $75,000 on up. According to Levitt, these lots also exist in New York and Chicago. (With prices like these, buyers need financing and banks are more than willing to add the parking space onto home mortgages.)

Levitt, a retired airline pilot, and his partner, experienced developer Michael Rigolizzo, happened upon the parkominium concept by accident. After purchasing buildings just north of the Ben Franklin Bridge overpass on Second Street, the properties were ruled "imminently dangerous" and had to be torn down. Rather than rebuild a residential property, the pair of developers decided to put up their newfangled parking lot.

"My daughter lives [in Old City]," says Levitt. "She sometimes has to spend 30 minutes looking for a parking space." With the dense residential population and dearth of parking -- on-street or off -- Levitt and Rigolizzo saw an opportunity to sell parking at rather stunning prices in a city where it's still possible to get a small condominium in a desirable area for less than $100,000.

Because the garage will be located in Old City, the project had to go before the city Historical Commission. In order to pass muster with the Commission and blend into the surroundings, the project will include a stone façade and ornamental ironwork -- though with the mesh fencing providing ventilation, no one's going to forget it's a parking garage. "We imitated the buildings that were there before," says Levitt. "It's much nicer than any other parking garage in the city."

For 35 grand a spot, it better be.