PARQEX CLIENT SPOTLIGHT
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THE SITUATION
Over time, the owners of Sheridan Plaza Chicago noticed that fewer and fewer of their residents were leasing parking spaces in the adjacent garage. This was resulting in lost income, so to compensate they tried offering the available parking for monthly rental to non-residents. However, responding to inquiries, collecting parking rent, and maintaining security for the building would then take an extreme amount of time for management staff and many of the available spots still remained unused. Add to all this the fact that they used an antiquated paper-based process for guest parking and a spreadsheet for vehicle information and the garage was clearly a pain point.
THE RESULTS
ParqEx has made a significant difference to Sheridan Plaza’s top and bottom lines. Due to the success of the Marketplace with such little effort by property staff, all external parking renters are now handled by ParqEx. This in turn frees up as much as 25% of the property manager’s time on some days and staff doesn’t have to deal with parking issues nearly as often as they did before. Other results at Sheridan Plaza Chicago include:
• An annual rate of over $21K in additional income generated through the Marketplace and GuestParq
• Access+ operating at greater than 99% reliability, with thousands of fully logged uses per year
• Significant time savings for staff to spend on higher-value efforts
CLIENT PROFILE: SHERIDAN PLAZA CHICAGO
LOCATION: 4607 N Sheridan, Chicago, IL
Sheridan Plaza is a 12-story apartment building located in the Uptown neighborhood of Chicago, Illinois. The property was originally built in 1919 but has been fully renovated throughout. There is a four-level parking garage attached to the building where residents and some outside renters park.
Sheridan Plaza is owned and operated by Horizon Realty Group, one of Chicago’s premiere apartment leasing and property management companies.
PROPERTY TYPE
Multi-family Apartments
NO. OF UNITS
143
PARKING TYPE
Secure Parking Garage
PARKING SPOTS
161
Sheridan Plaza Chicago Requires Full Parking Solution for Large Multi-Family Property
A complete parking technology solution
To get started, ParqEx first took a holistic approach to understanding Sheridan Plaza’s parking needs. After interviews with property staff and Horizon management it was clear that increasing income was the key driver for the firm, but operations at the property level also needed to improve. To accomplish this, ParqEx proposed implementing the full suite of offerings in their platform – Marketplace, Access+, Enforcer, and GuestParq.
Secure access required
Since Sheridan Plaza Chicago has a secure parking area with entry controlled by a rolling garage door, the first order of business was to provide a way for drivers to enter without requiring property staff. ParqEx therefore installed their proprietary Access+ solution to enable authorized users to enter using the ParqEx app with a smartphone. This opened up the property to be placed on the ParqEx Marketplace for both short- and long-term rental. Horizon originally placed 5 spots for rent, but as traffic increased they quickly added inventory up to over 20 spots. ParqEx installed marketing signs on site and supplemented that with digital advertising to drive awareness and increase income.
“ParqEx has delivered beyond our original expectations. They’ve been a great partner to help us maximize the value of our parking assets.”
David Sherman
Director of Operations, Horizon Realty Group
A solution for guests of Sheridan Plaza Chicago
With additional income rolling in, the next order of business was improving the property’s antiquated guest parking process. Sheridan Plaza introduced GuestParq to simplify how guests were registered and payments were collected. ParqEx supported the roll-out by designing custom resident handouts and holding lobby events to answer questions.
Enforcement = security
Finally, ParqEx trained property staff on use of the Enforcer tool, which allowed simple oversight of all the additional garage activity with less effort than before.
The solutions for Sheridan Plaza Chicago
Control ANY access point
Total, secure access to doors, gates, garages, and more— right from the palm of your hand. Full real-time admin control.
Find or list parking spots
Access an exclusive inventory of private parking spots all over the country that you cannot find anywhere else.
Secure guest parking
Eliminate the hassle of managing visitor parking and makes guests’ lives easier when they arrive.
Parking enforcement
Quickly, easily verify vehicles on one or multiple properties, and issue violations instantly.
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