Darren Nicholson is considering knocking down his 440-space Bolton Street car park if the 380 spaces lost in the nearby mall car park demolition are replaced.
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Mr Nicholson, who also owns a multi-level car park on Gibson Street, said there was not enough demand for parking to justify keeping Bolton Street if the council spaces are reborn as part of the "Stairway to Heaven" private development proposal.
While admitting it is "in his interest" for the council spaces not to be replaced, he said there would be more value in "10 floors of units" at Bolton Street if they are.
He said demand wasn't great before COVID and he believed many people would continue to work from home.
"Yes, it's in my interest for them not to rebuild, but if they are to rebuild I'd probably be better off knocking mine down and building units," he said. "There's just not the demand there."
The 59-year-old mall car park closed last March and will soon be demolished.
"Even with them shut, we've not been full," Mr Nicholson said. "Every car park [in Bolton Street] would get turned over three to four times a day in its peak. We don't even turnover now."
Mr Nicholson, who bought the Bolton and Gibson street stations from council in 2012, is waiting to see the outcome of its negotiations with Iris Capital and whether the mall car park's 380 spaces will form part of their plans.
"We're not far off putting an application to council to build some units on top [of Bolton Street]," he said.
"But we're waiting to see, because if we build units on top those car parks will be there forever and a day, and we can only roughly get three or four floors of units.
"If they rebuild [the mall car park spaces], I'm better off knocking down four or five floors of car parking and putting [in] 10 levels of units.
"You don't need their station and our station."
In response to questions, the council did not say what it plans to do if the 380 spaces can not be replaced at the site, or Iris does not want to pursue such a project.
"City of Newcastle is continuing to work with Iris Capital on planning for the concept to ensure that the best outcome is achieved for our city," it said.
"City of Newcastle has on a number of occasions made clear that the 380 parking spaces in the Mall Car Park would be retained as part of the Harbour to Cathedral concept."
