Prime parking spaces in downtown Toronto can be pricey, and it turns out the prices can jump to the hundreds of thousands. A single parking spot, located at 197 Yonge Street in the Massey Tower building, is actively listed for $120,000.
The Massey Tower includes a fully automated, above-ground parking system, with a total of 148 parking spaces on its 5 floors. The company 5by2 Parking built the parking garage and said it works “on the puzzle-system, not dissimilar in concept to a child’s sliding tile puzzle.” The company explained that “It uses individually controlled sliding pallets to maneuver each car independently to create a flexible and highly efficient parking and retrieval solution.”
5by2 Parking added that their service minimizes waiting time for car retrievals, keeps the cars secure, has no risk of theft, and can charge electric vehicles parked in the system. Any owner of a parking spot must pay $211 in monthly maintenance fees. There are other parking spots in the building that are listed for over $100,000 as well.
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