Parking Solution For Commercial Workspace & Events Venue
Property owners & managers: do you have a property in your portfolio that serves as a commercial workspace or an events venue? If so, this full parking solution case study is perfect for you.
ParqEx’s client Ameritus LLC owns Lacuna Lofts, a 5-story events venue and shared workspaces in the Pilsen Arts District of Chicago’s Lower West Side. This newly renovated factory is now home to over 100 local Chicago-based businesses and hosts countless events throughout the year.
Lacuna Lofts’ property is over 200,000 square feet and has 120 parking spaces behind a gated access point for their tenants and guests. Sure, having a motion-activated gate ensured a greater sense of convenience and security for property owners, but they lacked a security system to limit entry. Even more detrimental, they lacked an efficient payment system to collect parking fees.
Consequently, they, unfortunately, were not able to collect any revenue from their large parking lot, and unauthorized vehicles were frequently using the parking spaces intended for Lacuna Lofts’ tenants, visitors, and event guests. Not only was this a big headache for property owners and managers, but Ameritus LLC was aware that they were losing a lot of potential revenue.
Due to this, Lacuna Lofts desperately needed a solution to monetize their parking spaces and ensure only authorized vehicles had access to their property, all without sacrificing the convenience of their motion-activated gates.
ParqEx needed to propose a solution that would deliver security and payment solutions while maintaining convenience. The best solution for Lacuna Lofts was to implement our full parking solution for commercial workspace & events venue, which includes – Marketplace, Access + Premium with License Plate Reading (LPR) technology, Enforcer, Event Parking, and a kiosk.
Lacuna Lofts had a motion-activated gate that granted access to tenants and guests. Therefore, ParqEx needed to secure the 120 parking spaces from all unauthorized parkers while still giving easy access to tenants and guests. As all tenants had grown accustomed to the convenient motion-activated gate, we installed our Access + Premium with LPR solution on the gate. With this 100% touchless technology on-site, now authorized vehicles simply have to approach the camera system, have their license plates scanned, and, once validated, the gate automatically opens.
The LPR cameras also enabled the property to be placed on the ParqEx Marketplace for short- and long-term parking rentals, allowing Lacuna Lofts to finally monetize its 120 parking spaces. Thanks to marketing signage, word of mouth, and digital advertising, all provided by ParqEx, Lacuna Lofts had over 1000 paid transactions in their first month of operation.
Lacuna Lofts next needed to ensure easy entry and exit for guests of events hosted at the property. ParqEx’s Event Parking product suite provided this. It allows easy management of event guest parking and ensures secure parking for all event attendees. With convenience in mind, ParqEx’s Kiosk was installed on the property, allowing customers to pay without using their phones. Finally, ParqEx trained the staff on the ParqEx Enforcer tool, granting easy real-time oversight of all parking operations.
ParqEx’s parking solutions revolutionized the parking experience for management, tenants, visitors, and event guests alike. With LPR technology, tenants and guests gain seamless 100% touchless entry and exit from the property. All the while, unauthorized vehicles are blocked, and management can collect payment on every parking transaction.
In their first month with ParqEx, Lacuna Lofts collected over $11k of revenue, projecting over $150k in additional revenue. In addition, they verified over 250k secure entries within the first month, projecting over 3 million per year. Lastly, they saved over $60k per year in operating expenses by having ParqEx fully automate their parking operations.
“We have a unique building which posed several challenges regarding monetized parking implementation and enforcement. The ParqEx team learned the building and came up with creative and effective ways to manage our parking. I cannot speak highly enough about their dedication, professionalism, and willingness to guide us through each step of the process. They often went above and beyond the scope to ensure things were done correctly.” Justin Perkins (Ameritus LLC – Lacuna Lofts)
ParqEx is a technology platform that unlocks the hidden value sitting idle in privately-owned parking spaces. Much like Launa Lofts, with ParqEx, property owners and managers can increase income, reduce operating costs, simplify management, and provide a valuable amenity to tenants, visitors, and event guests.