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Port reports progress on holdover leases; parking operators report improved revenue and new EV charging
Summary
Staff reported 271 holdover or month‑to‑month agreements with 73 in active negotiation and 65 new leases executed; the lease project has generated about $252,000 in additional monthly revenue. Parking operators Central Parking and Priority Parking reported operational improvements and higher rent streams, including a roughly 60% rent increase for Priority Parking and installation of public EV charging.
Port staff provided two related informational briefings: an update on the Port's holdover and month‑to‑month lease portfolio and a performance report on port surface parking operations.
Mark Lozewa, assistant deputy director of real estate, said the holdover/month‑to‑month project currently tracks 271 agreements split across five categories (including those in active negotiations and those that remain month‑to‑month by design). Since the project began, staff reported 65 new leases signed at market rates, 62 holdover leases adjusted to market rents and 40 tenants that elected to terminate rather than sign longer terms. Lozewa said completed negotiations generated an estimated $252,000 in additional monthly revenue (roughly $3,000,000 annually) and that remaining agreements generally represent lower revenue potential.
Jay Edwards, senior property manager for the Northern Waterfront, reviewed the results of recent parking lease opportunities. For Opportunity A (Seawall Lots 301/314, Central Parking), Edwards said operational changes and installation of revenue capture equipment led to improved performance and a base minimum monthly rent of about $112,000; the rent payable from April through November was roughly $960,000 for the reporting period. For Opportunity B (priority parking of Lots 321–324), Priority Parking reported a roughly 60% increase in rent payable (from about $900,000 to about $1,500,000) and installed the port's first publicly accessible Mastercard-enabled electric vehicle charging station.
Aaron Zaff, CEO of Priority Parking, spoke during public comment to highlight sustainability initiatives and partnerships with port staff and local organizations. Staff said no action was required today; the presentations were informational and intended to provide background on portfolio management and operator performance.
