Chicago's parking meters face another ownership shift under new deal
Chicago’s parking meter system is set to change hands again after a New York investment firm agreed to buy the controversial 75-year lease. The deal, announced by Mayor Brandon Johnson’s office, still needs approval from the City Council. Officials have not revealed the financial details of the sale. The system was first sold in 2008 under former Mayor Richard M. Daley. His administration received $1.15 billion to help cover a budget shortfall. The buyer, Chicago Parking Meters LLC, has since earned nearly $2 billion in revenue, with 57 years remaining on the lease.
The new purchaser is Stonepeak Partners, a New York-based investment firm. An ordinance to review the sale will be introduced to the City Council on Wednesday. Aldermen will receive support from the city’s Law Department and chief financial officer during the decision-making process.
Mayor Johnson had previously ruled out buying back the meters in January 2023, citing high costs. The original lease, signed in 2008, has faced long-standing criticism over its terms and financial impact on the city. If approved, the sale will transfer control of Chicago’s parking meters to Stonepeak Partners. The City Council’s decision will determine whether the deal moves forward. The financial terms of the agreement remain undisclosed for now.
