By Sarah Kessler : fastcompany – excerpt
Citigroup sponsors Citi Bike, but its existence and expansion are due to a powerful real estate developer’s interest in keeping it alive.
This article was posted January 12, 2016 by Fastcompany, and became the catalyst for some investigations into Ford GoBikes, that are popping up like unwanted pimples all over our streets. Oddly we heard about the Scoots deal at a surprise SFMTA Board meeting, but, the GoBikes arrived without warning and are, so far, much more prevalent and annoying than the station-less Scoots. Read this article to see where our story started. We are working on some of the details, that, it appears the SFMAT staff and director are not quite clear on and were unable to answer at today’s SFMTA September 5 Board meeting. Although to be fair, the transmission from City Hall was not good so it was hard to follow the live events. We will post a link when it comes up.
It would be a logical guess to believe that financial giant Citigroup owns New York City’s bike sharing system. It is, after all, called “Citi Bike,” and every Citigroup-blue bike is plastered with the bank’s branding.
But the company—which has a $111.5 million sponsorship commitment to the program—does not own it. Navigate to the Citi Bike website, and you’ll see that “Citi Bike is operated by NYC Bike Share LLC, a wholly owned subsidiary of Motivate,” and that “Motivate is a unique company focused solely on operating large-scale bike-share systems.”
This might look like an answer. But NYC Bike Share LLC is actually just the first in a nesting doll of nomenclature that—intentionally or not—obscures a brilliant business move by one of the country’s largest real estate investors… (more)
Bike sharing systems carry with them the promise of more sustainable, accessible cities and healthier city residents. But perhaps more compelling to the CEO of a real estate company is the possibility that they will raise property values. These aren’t necessarily competing motives. “As cities do well,” Related CEO Jeff Blau told Fast Company, “we do well.”… (more)