MBTA considers parking, fare hikes to boost revenue

Suzanne Kreiter/Globe staf/File

The Massachusetts Bay Transportation Authority is planning to lease more of its properties to private developers, and may also consider increasing the price of fares and parking at MBTA lots, transit officials said Friday.

Governor Charlie Baker has said he wants to wean the T off financial support from the Legislature, and the fiscal control board that oversees the T is scheduled to present a plan in December for how to narrow the agency’s budget shortfall.

Officials on Friday told a meeting of the board that parking and fare hikes could be considered as a possible way to reach the goal of $40 million in additional annual revenue by fiscal year 2017, though no set time or price increases have been decided.

More concrete is the T’s plan to lease properties it owns to private developers, and sell advertising space on its buildings and lots. On Monday, state officials will discuss with 300 representatives from outside companies how they can rent out or advertise on property owned by the T and other state agencies.

The MBTA owns more than 6,700 acres of land, according to Mark Boyle, who heads the T’s real estate department. During the fiscal year of 2015, the T generated about $34 million in revenue from its real estate operations, through advertising, rental and sale of property, and allowing utility companies to use MBTA properties.

Boyle mentioned the MBTA station in Wollaston, where two-thirds of the parking lot is leased to a developer that built a residential complex — as well as a parking garage that can be used by T customers — on the property.

The T owns 102 parking facilities, including 77 commuter rail lots, where the daily rate is $7.

The lots are operated by LAZ Parking, a private company that has a contract with the T. Over the past fiscal year, the T generated about $41.7 million in parking revenue.

While officials did not mention specific hikes for parking fees on Friday, they pointed out that the MBTA has not changed its parking rates since 2008.