It sounds like there's a lot of demand for parking and some land mistakenly allocated to condos and hotels, as evidenced by the low occupancy you cite! This could be a great opportunity for the enterprising business to put parking in place of that housing and charge market rate for it!
Or, if people won't pay market rate for land to store their car, maybe there actually isn't a shortage, and that land is already being put to better use by people who _are_ willing to pay.
This, of course, assumes that people are perfectly rational actors when it comes to things like paying for parking. I would submit that years of free or extremely cheap parking have made us not.
