The City of St. Augustine has reached a deal with local businessman Barry Broudy to develop a new parking garage on his property at 198–212 W. King Street.
The project hopes to ease mounting congestion for residents, visitors, and nearby businesses while supporting growth along the West King Street corridor.
The garage will provide a minimum of 650 parking spaces and will also include a retail component.
Vice Mayor Barbara Blonder said at a Monday meeting that the project comes at a vital time for the Old City, with locals, tourists and business staffers clamoring for spots.
“We do need this in order to meet our mobility needs,” she said. “I am very much in favor.”
Slated to begin in September, construction is expected to be completed by September of 2028.
Under the agreement, Broudy will initially fund and deliver the garage. Once finished, the City of St. Augustine will operate it.
Financial terms provide that the city will reimburse construction costs through a 30-year principal and interest payment schedule.
The City will also make lease payments for the underlying land starting at $275,000 per year and escalating by 2.5 percent annually over the 100-year lease term.
After 30 years, the city has the option to purchase the land at fair market value.
Projections put the total cost for construction and lease payments for the first 30 years at approximately $104.7 million.
The long-term lease also qualifies the city for a property tax exemption, which is expected to save money over time.
Commissioners have emphasized that the project represents a vital infrastructure investment given St. Augustine’s ongoing growth.
