Underground parking spot in the Ice District sells for ‘mind-blowing’ $75K
A downtown underground parking space has sold for $75,000, condo developer Westrich Pacific says.
Parking stalls in the 32-storey highrise on 103 Street in the Ice District sold for as little as $25,000 in 2012, Westrich cochief executive Richie Lam said on Friday.
“This is mind-blowing,” he said. The building, Ultima Tower, has 199 units, with over 300 parking stalls.
Westrich had initially wanted to hold on to the spot, as staff found it convenient for when the Oilers were playing.
The developer offered to sell the stall for the $75,000 price tag when approached by a condo owner, who wanted to purchase an additional space.
The buyer wants to remain anonymous.
Lam said stalls in the building were being sold for $65,000 only a few months ago, but will now go for the new, higher price.
Westrich Pacific said in a news release that a lack of parking in the area, combined with growing demand throughout the downtown, contributed to the price tag.
Lam believed it is a recordbreaking price for Edmonton.
The cost of an extra parking space depends on whether it’s in a surface lot or underground, and whether it’s heated or secured, said Ian O’Donnell, executive director for the Downtown Business Association.
“Typically, an extra parking space in most projects would go for between $25,000 and $40,000,” O’Donnell said.
“In the suburbs, it would be much less than that.”