...Not sure there is actually a huge demand in this part of town and it takes a long time to recoup the $50k per spot cost.
Regardless of demand, if one assumes public parking at this site would fetch about the same rate as the Centennial Square Parkade ($115.50/month) it would take 36 years to recover the $50,000 cost/parking spot. Even at the most expensive city parking rate (Johnson Street Parkade, $199.50/month) it would still take nearly 21 years to recoup the cost of just one spot.