Old City is about to welcome yet another luxury condominium project but there are no plush living rooms or state-of-the-art kitchens for buyers to check out — this is a condo for cars.

Philadelphia-based Second Street Investors are wrapping up construction on the Old City Parkominium, located on North Second between Race and New streets. When completed in late November, the six-story Parkominium will be Philadelphia's first condo-style parking lot.

Just as they would a unit in a large residential building, buyers purchase a space and receive a deed. Once the contract is signed, the buyer then controls his or her very own piece of Philly real estate, big enough to fit most cars, trucks and SUVs. That designated space can then be used exclusively by the buyer, who is permitted to rent the space to a tenant. Unlike monthly parking garages, which issue tickets or stickers, Parkominium will be staffed with a valet service. Buyers surrender the right to park their own cars, though the garage will maintain a handful of self-park spots. Required to pay an estimated $60 monthly condo fee, buyers will have a vote in the association that determines how to run the garage.

"There are a large number of people living in Old City and not enough parking," says Janis Dubin, a realtor who represents the Parkominium. "Landlords can purchase spaces and offer them to their tenants. Condominium owners can purchase a space for themselves, then sell both properties as a set at a later date for a higher price."

There is no limit on the number of spaces someone can buy, though some spots can cost as much as a house: prices range from $33,000 for uncovered roof parking to $45,000 for self-park spots on the ground floor.

The garage will offer 280 spaces. So far, more than a third have been reserved — until construction is finished, none can officially go on sale. Second Street Investors owners Mike Rigolizzo and Bob Levitt say they may also include a car wash and a basic car-maintenance center.

Similar garages have become popular in New York City, Chicago, Boston and San Francisco where rates range from $15,000 to more than $100,000.

In these cities, where daily or monthly parking can cost hundreds of dollars every 30 days, car condos make more long-term economic sense, especially if two or more people buy into a space together and share time. "In large cities where people want to keep their cars, this is a way to save money," Dubin says. "And to guarantee that you won't be driving around the block for hours trying to find a spot."