If assigned to manage the city's public parking assets, LAZ Parking would demolish and rebuild three or possibly four of downtown's garages and add 1,800 spaces in the process. They would be at 9th and Penn, Smithfield and Liberty, on Third Avenue Downtown and maybe at Fort Duquesne and Sixth.
They would also open a 50 person office in Pittsburgh, said LAZ Parking CEO Alan Lazowski at a press conference on Tuesday.
LAZ Parking and J.P. Morgan Asset Management plan to invest other millions in upgrades such as installing payment machines. Additional bike parking in downtown Pittsburgh will also be installed.
LAZ and JP Morgan are putting up $452 million up-front to lease 12 garages and 8,000 metered spaces. The money will go to assist the city's languishing pension fund, which is 700 million dollars short.