Title
Lease of City-Owned Property at 501 West Trade Street to Pivot Parking, LLC
Action
Action:
A. Adopt a resolution to approve a lease agreement with Pivot Parking, LLC for a 12-month term for surface parking at 501 West Trade Street (parcel identification number 073-15-110),
B. Authorize the City Manager to renew the lease for up to two, one-year terms, and
C. Authorize the City Manager to negotiate and execute all documents necessary to complete the transaction.
Body
Staff Resource(s):
Brent Cagle, CATS
Kelly Goforth, CATS
Lori Lencheski, CATS
Explanation
§ The city owns a 2.9-acre tract of land located at 501 West Trade Street (parcel identification number 073-15-110), which is bound by South Graham, Fourth and Trade Streets, referred to as the “CGS Main Block”. The city purchased the property for the Charlotte Gateway Station (CGS) project.
§ Before construction begins on the CGS Main Block, the city has been leasing a portion of the property for commercial parking use.
§ On September 16, 2025, the city issued an Invitation to Bid for the opportunity to lease the property for commercial parking use; five bids were received.
§ Pivot Parking was selected as the highest responsive, responsible bidder.
§ The lease terms are:
- Premises, approximately 0.72-acres of surface parking identified by parcel number 073-15-110;
- Lease rate, $44,167 per month or $530,004 annually; and
- Lessee agrees and understands that future transit-related development may result in early termination of the lease.
Fiscal Note
Funding: Revenue from the lease will be deposited in the CATS Operating Fund
Attachments
Attachment(s)
Resolution