PARQEX CLIENT SPOTLIGHT
$
0
k+
REVENUE FIRST 6 MOS.
0
%
REPEAT MONTHLY BOOKINGS
$
0
k
MONTHLY RECURRING REVENUE
THE SITUATION
Lincoln Park Plaza encountered several significant challenges. The property’s public parking assets were underutilized, and there was no clear strategy in place to monetize spaces for either transient visitors or long-term users. Additionally, the absence of enforcement technology and a streamlined access control system created operational inefficiencies. These issues were further compounded by frustrations from residents, who were increasingly dissatisfied with the lack of regulation and oversight in internal parking areas.
THE RESULTS
With the power of ParqEx’s tech-driven parking solutions, Lincoln Park Plaza went from underperforming parking lots to high-performing, revenue-generating assets. ParqEx helped the property achieve over $670K in combined revenue, occupancy optimization of 76% (public) & 62% (private), data-driven decision-making through live dashboards, seamless, LPR-based access for tenants and the public, and real ROI through operational savings + recurring income. Additional results of the ParqEx tech suite solution include…
PUBLIC GARAGE RESULTS
- $585,994 in revenue generated in first 6 months
- 7,973 reservations completed through ParqEx
- 76% current occupancy
- +39% long-term average transaction value
- 97.14% of bookings are monthly repeat business
- $50,000+ peak monthly recurring revenue
PRIVATE GARAGE RESULTS
- $85,209 in internal user revenue in first 6 months
- 100% of current usage is by long-term renters
- 61 renters managed through Internal Tenant platform
- 24 real-time parkers, with a 62% occupancy rate
- +5% growth in reservations in the last 90 days
- All access is fully automated via Access+ + LPR
CLIENT PROFILE: LINCOLN PARK PLAZA
LOCATION: 600 W Diversey Pkwy, Chicago, IL 60614
Lincoln Park Plaza is a large, mixed-use residential and commercial property located in Chicago’s Lincoln Park neighborhood. The property includes two distinct garages: The public garage at 600 W Diversey Parkway with 229 parking spots, as well as the private/residential garage at 586 W Diversey Parkway with 39 spots. The management team turned to ParqEx to completely modernize their parking operations—improving access, generating revenue, and boosting security for both the public and resident-facing parking assets.
PROPERTY TYPE
Mixed Use
NO. OF GARAGES
2
PARKING TYPE
Parking Garage
PARKING SPOTS
268
Lincoln Park Plaza Seeks Full-Service Parking Transformation For Their Mixed-Use Property
A complete parking and internal management solution
ParqEx implemented a comprehensive full-stack parking technology suite across both garages to address Lincoln Park Plaza’s challenges. This included the Marketplace platform, which enabled the listing and monetization of underused parking spaces.
Access+ was deployed to provide secure, touchless entry through license plate recognition (LPR) technology, and the Enforcer app equipped staff with the ability to monitor and manage parking violations effectively.
“Lincoln Park Plaza’s transition with ParqEx has been nothing short of transformational. We’ve turned idle assets into real income, improved the resident experience, and given our management team full control. ParqEx’s tech has made parking a strategic advantage for us.”
Property Manager
Lincoln Park Plaza
Beyond Parking
Additionally, ParqEx introduced an Internal Tenant Management system to streamline the administration of long-term tenants and internal parking assignments. To ensure full transparency and control, a real-time reporting dashboard was also provided, giving the client immediate insights into parking operations.
A snapshot of Lincoln Park Plaza’s live reporting dashboard for their public garage:
The solutions for Lincoln Park Plaza
Just pull up and park
Open any door, lift arm, or gate simply by pulling up to the access point in a registered vehicle.
The ParqEx Marketplace
List your exclusive inventory of private parking spots for internal or public rental and add supplemental recurring income.
Parking enforcement
Quickly, easily verify vehicles on one or multiple properties, and issue violations instantly.
ParqEx Admin Solutions
Real-time property reporting to view usage trends and performance with smart parking analytics.
Internal Tenant Management
A residential/tenant solution from ParqEx that provides seamless tenant registration and parking space assignment.
Related Case Studies
Want to read on? See how the ParqEx suite of technologies resolved complex problems for these companies and properties.
- 112 North May Chicago
- 1660 Condominium Chicago
- 340 on the Park
- Academy at Drexel Court
- Affinity on North
- Avenue One California
- Evanston Metro Center
- Hamptons West Condominiums
- Lincoln Park Plaza
- Modernaire Apartments
- Monarch 716 Buffalo
- Ogden & Company Inc
- Parking Enrollment Demo
- Scotland Yard
- Sheridan Plaza Chicago
- Silver Tower Chicago
- The Avenue at East Falls
- Vista Peak Apartments
- Walsh-Fluor CTA Project
Available now in the app stores or online at app.parqex.com
Questions? Call us: (855) 727-7391
Need tech support? Email us here.
