Image courtesy of CBT Architects

Owners of the historic Motor Mart parking garage in Boston’s Park Square, approved for a high-rise condominium project, have placed the property on the market.

CIM Group and Boston Global Investors received approval in 2019 for a 20-story, 264,000 square-foot addition to the garage at 201 Stuart St. containing 231 residences.

CBRE is listing the 1.2-acre property spanning an block, which includes 1,037 parking spaces and nearly 50,000 square feet of retail space.

In an offering brochure, CBRE touts the property’s strong income stream, with parking revenue exceeding pre-COVID levels, and its long-term redevelopment potential, however the city’s luxury condo market has fallen into a slump since the tower was approved.

The property’s retail space is 53 percent vacant, including the former Legal Sea Foods and Flemings Prime Steakhouse.

Originally constructed in 1926, the Art Deco building was once the world’s largest automobile garage, according to the Boston Preservation Alliance. The redevelopment would have reduced the garage’s capacity to 672 spaces.

Plans to add high-end housing atop another downtown parking garage also have stalled in recent years. In 2020, Fortis Property Group received approval for 125 condominiums in a 6-story addition to the Dock Square Garage at 20 Clinton St., while downsizing the parking capacity from 698 to 450 spaces.

Image courtesy of Boston Planning Department