Parking Solution For A Condo-Owned Parking Garage
Property owners & managers: do you have a condominium in your portfolio with a massive parking garage? If so, this case study on ParqEx providing a complete parking solution for a condo-owned parking garage is ideal for you.
ParqEx’s client, FirstService Residential, manages the 1660 Condominium Association, a 42-story-high-rise in the Lincoln Park neighborhood of Chicago. The property was initially built in 1972 and has 500 units. 1660 has a door-secured garage with 412 parking spots on four levels. These spots are for their residents, guests, and external parkers looking for secured parking.
Residents and guests have certain expectations regarding the amenities they pay for in a large condominium building. And rightfully so! 1660 sought ways to improve their parking amenities through a better internal parking & billing system and sought ways to upgrade the overall parking experience. Knowing how expensive and highly sought-after parking is in the Lincoln Park neighborhood, 1660 wanted to monetize unused parking spaces for transient renters. But they needed a way to maintain the security of their garage.
Thus, they required an easy way for residents to seamlessly gain access to their parking and a better parking management system for staff to manage the internal resident parking. This meant a better way of invoicing, assigning parking, access management, and much more. The tech & operational improvements also had to operate during heavy construction on-site. As 1660 was going through serious renovations that would last about nine months, they needed a flexible solution that would also relocate their parkers.
ParqEx knew there were some significant hurdles to overcome to provide a complete parking solution to 1660, all while dealing with a heavy renovation for nine months. Therefore, after initial meetings with the 1660 Condominium to discuss their needs, challenges, and timelines, ParqEx also held both in-person & virtual town hall discussions with all residents to address all questions and concerns. These meetings were held for the initial start-up and the start of construction. ParqEx even provided customized training manuals for all staff, authorized parkers, residents, and guests.
Before any construction, ParqEx brought their full parking solution to 1660 Condominiums in 2020. They implemented the Access + platform, Marketplace, GuestParq, Enforcer, and Internal Tenant Management solutions. With Marketplace, 1660 can list designated parking spaces for rent whenever they are unused, thus monetizing their vacant spaces.
Access + is used on the property to open the parking garage to all tenants and guests. Furthermore, Access + allows external renters access to the garage during their allotted parking reservation. With the Access + app downloaded on their phones, authorized renters have to press a button on the app, and the garage door opens. The Access + app thus eliminates the need for fobs or key cards and even simplifies payment as it accepts in-app payment.
In terms of security, each time the door is operated, the ParqEx operating system automatically identifies authorized users & records every entry and exit on the property providing real-time data to the 1660 management team. If a car is parked in the wrong spot, the Enforcer app allows the 1660 staff insight into all parking activity on the property. Consequently, the team can identify the vehicle’s owner and notify them to avoid a tow or some enforcement fines.
ParqEx implemented its GuestParq technologies at the property as well. As a result, all residents and staff can assign parking to their guests before arrival. Then, through the ParqEx app, they reserve the spot and are admitted to the property.
Now let’s talk about the extensive nine-month garage renovations 1660 underwent in 2022! There were two options that the 1660 Condomimums thought of. One was to ask all their parkers to vacate the property during construction, which would lead to a drastic decrease in income. The second was to temporarily relocate parkers from the active construction area to available spots in the garage not undergoing renovation at the time. ParqEx was asked to help 1660 temporarily reassign parkers to new parking spaces on different parking levels to ensure everyone still had safe, secure parking on the property and that 1660 would not lose income. After the eight-phased parking garage renovation, 1660 emerged with a fantastic new parking garage along with minimal lost income!
ParqEx enhanced the parking experience for the 1660 Condominium team, residents, and guests and provided parking to transient renters needing help finding parking in the area. As a result, 1660 residents enjoy an excellent and convenient parking system powered by top-of-the-line technologies. And the 1660 team certainly enjoys the overall improvement of security, efficiency, and the added revenue generated from surplus parking!
To put numbers to it, the 1660 Condominium property has seen a 200% increase in income, more than 3M secure entries, and over 4K in cost savings throughout their time with ParqEx!
“ParqEx has truly been a partner with 1660 to customize parking solutions for our internal resident monthly parking, resident daily guest parking, and non-resident external monthly parking amenities. Their team is responsive and professional, offering creative, strategic solutions to help increase income and improve efficiencies for parkers and staff alike!” Shirley Feldmann (Property Manager, 1660 Condominium Association)
ParqEx is a technology platform that improves efficiency, security, and convenience, all while increasing revenue! Download the 1660 Condo case study and contact us to learn more about how we can provide a parking solution for a condo-owned parking garage like this!