Chicago City Council Approves $2.53 Billion Deal to Sell Parking Meters to Stonepeak Partners, LLC

On September 29, 2026, the Chicago City Council approved an agreement to sell the city’s parking meter system to Stonepeak Partners, LLC for $2.53 billion. The council voted 46 to 3 in favor of the proposed transfer of Chicago’s parking meter lease between Chicago Parking Meters, LLC (Chicago Parking Meters) and New York-based firm Stonepeak Partners, LLC (Stonepeak). Stonepeak will assume responsibility for the remaining 57 years of the original 75-year lease agreed to in 2008 between the city of Chicago and Chicago Parking Meters, an entity controlled by Morgan Stanley.

The 2008 sale resulted in a significant hike in meter rates by Chicago Parking Meters. Unlike the initial 2008 agreement, the Stonepeak sale is not expected to increase the cost of parking at a meter in the city, but proposals seek to tie meter parking costs to inflation. These proposals could boost the city’s share of meter revenue and prevent the city from having to compensate Stonepeak for meters taken out of service.

Once the deal is finalized at the end of the year, Stonepeak will pay the City of Chicago $75 million and share 5% of its calculated net income with the city. Alderman Matt O’Shea said that this agreement with Stonepeak is a way to protect taxpayers and fulfill the city’s pension obligations. Under the agreement, the city is also expected to receive $376.2 million in profit shares over the next 57 years.

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