The state Department of Conservation and Recreation has signed a new lease for one of its Boston parking lots that will bring in substantially more revenue than the previous agreement.
The department announced Tuesday that LAZ Parking had won a five-year permit to operate the Charles River Reservation Storrow Drive parking lot with a bid of nearly $5.2 million.
LAZ Parking’s bid exceed competing bids by nearly $1 million and is far higher than the previous $120,000 per year lease, according to the department.
The lot is within the Charles River Reservation next to Charles Circle, and beneath the on and off ramps of Embankment Road. The department said its previous lease was out of date and significantly undervalued.
The minimum bid request was four times the amount previously received, according to the department.
The new lease deal is part of an ongoing review of DCR leases and permits.
“Whenever there’s a chance for us to provide a better value for the Commonwealth and taxpayers, DCR will make the effort to do so,” DCR Commissioner Ed Lambert said in a statement.
As part of its proposal to run the lot, LAZ Parking also offered plans increase access and accommodations for Esplanade visitors local residents. Those plans include more overnight parking and monthly parking programs.
“Over the course of the next five years, LAZ Parking is looking forward to providing enhanced value to the Commonwealth – both for the local residents of the Esplanade and neighborhood, as well as visitors to the area,” Jeff Karp, president of LAZ Parking, said in a statement. “With our goals to increase the availability of overnight and monthly parking programs, as well as enhanced customer service, we are confident that the returns will be swiftly achieved.”
DCR will issue a Bid Award to LAZ Parking by December 28th, and will finalize an operating permit with LAZ by January 31, 2013. This permit will run for three to five years.
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