Parking deck and low-income housing go private The Winston-Salem City Council was scheduled to vote on a resolution to sell a six-story parking deck near the intersection of Cherry and 4th streets to Boston-based real estate developer LAZ Parking Realty Investors LLC for $1.9 million during the council’s regular meeting Tuesday night. In a memo to City Manager Lee Garrity, Kirk Bjorling, the city’s real estate administrator, noted that the parking deck, which serves the Embassy Suites hotel in downtown Winston-Salem, is nearly 40 years old and in need of significant repairs. Bjorling also stated that the city doesn’t need the Marshall-Cherry parking deck since it primarily serves “private entities” such as the adjoining Embassy Suites and Marriott Hotel. The agreement stipulates that LAZ Parking Realty Investors lease the city two retail spaces in the structure for 20 years at no charge and reserve 145 parking spaces for employees in the Nissen Building. The sale of the parking deck comes on the heels of the city council’s decision in November to sell Triad Park Parking Deck to BB&T for nearly $1.6 million.
In another instance of privatization in the Twin City, the Housing Authority of Winston-Salem sold the Rolling Hills apartment complex to PK Management LLC, a nationwide management company that specializes in Section 8 housing properties, on Dec. 28. The sale, also for $1.9 million, privatizes a series of two-story buildings made up of 114 units off New Walkertown Road.