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Chicago's parking meters may switch owners under Mayor Johnson's new deal

A decade of controversy over Chicago's parking meters could end—or deepen. The city weighs a new owner after years of financial regret and public outrage.

,   and  Administrator
1 min read
The image shows a city street with cars parked on the side of it, light poles, dustbins, and...
The image shows a city street with cars parked on the side of it, light poles, dustbins, and buildings with windows. In the background, the sky is filled with clouds. At the bottom of the image, there is a watermark indicating that it is a commercial property for sale at 715 N Main St, Chicago, IL 60611.

Chicago's parking meters may switch owners under Mayor Johnson's new deal

Chicago’s parking meters could soon change hands again after a controversial 75-year lease began in 2008. Mayor Brandon Johnson has announced a new deal to sell the system to Stonepeak Partners, a New York-based investment firm. The move follows years of criticism over the original agreement, which has cost the city billions in lost revenue. In 2008, former Mayor Richard M. Daley sold Chicago’s parking meters for $1.15 billion to help cover a budget shortfall. The deal, signed with Chicago Parking Meters LLC, locked the city into a 75-year lease that has since drawn widespread criticism. By now, the company has already collected nearly $2 billion in revenue, with 57 years still left on the contract.

Earlier this year, Mayor Johnson explored buying back the meters but concluded the cost was too high. His office estimated the city would have to pay at least twice the original $1.15 billion price. Concerns over high debt payments and financial risks led to the decision against a buyback.

Now, the city is moving forward with a new sale. Stonepeak Partners has agreed to purchase the parking meter system from Chicago Parking Meters LLC. The deal requires approval from the City Council, which will review an ordinance introduced on Wednesday. The mayor’s office confirmed that the city’s Law Department and chief financial officer will assist in evaluating the proposal. If approved, the sale to Stonepeak Partners would mark another major change in Chicago’s parking meter management. The city will rely on technical support from its financial and legal teams during the review process. The outcome will determine whether the new deal proceeds or remains under the existing lease.

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