Case Study
Zeller
Like Zeller, You Could Drive Up Satisfaction & NOI
Who’s Involved
Steve Herron | President, Zeller Management Corporation
Customer Takeaways
We now have the ability to track Tenant Level parking utilization behavior and ensure the best experience for our tenants.
Steve Herron, President
Denison believes the intentional application of technology can enhance value for parking assets, both through revenue enhancement and operating cost reduction. We choose to leverage advances in technology and partner with software providers like [ParkHub] for the benefit of our clients.
Perry Griffith III, President of Denison Parking
Summary
At LaSalle Plaza in Minneapolis, Zeller, one of the most prestigious vertically integrated commercial real estate investment and development firms in the Midwest, had the goal of fully utilizing LaSalle Plaza’s parking garage to drive increases in NOI and asset value.
To promote increased garage utilization, Zeller needed to fully understand the groups of parkers that were using the garage, how long they were staying, and where there were opportunities to increase revenue. Zeller aimed to manage inflows of both contract and transient parkers, and to put out the full sign at the latest possible time, ensuring that there would be available spaces for tenants while also maximizing transient revenue.
The Challenge
Inefficient Use of Inventory
Without collected data, garage space in the LaSalle Plaza was managed anecdotally without information. Decisions about capacity limits were made based on rough guesses of availability.
Inconsistent Revenue
All the full potential revenue of the LaSalle Plaza parking garage could not be conceived without information. Revenue creation lacked strategy.
Unclear Future Vision
Without accurate historical information, Zeller lacked the ability to plan for parking accommodations or adjustments in the future.
The Solution
Smarking Business Intelligence (BI) Tool
To carry out their business objectives and manage LaSalle Plaza, Zeller hired Denison Parking, an Indianapolis-based parking operator with an accomplished track record of improving asset performance dating to the late 1920s. Denison is one of the nation’s most experienced parking operators. Denison recognizes the value technology brings to their clients and consequently recommended a partnership with ParkHub, a parking management technology company.
With ParkHub’s Smarking BI tool, Zeller and Denison Parking can track real-time occupancy. This ability allowed a greater number of parkers are able to access the garage, turned away fewer due to capacity limits, and increased tenant satisfaction. On average, they waited 30 minutes longer before displaying the full sign than they previously did.
The Results
Easily Accessible Information
Real-time Occupancy in ParkHub’s Smarking BI tool allows LaSalle Plaza to track occupancy and make data-based decisions based on current information or previous parking behavior.
Maximize Transient Revenue
Zeller and Denison’s ability to maximize garage utilization through the insights it gathers from ParkHub’s Smarking BI contributed significantly to the large year-over-year increase in transient revenue, thereby increasing NOI and uplifting LaSalle Plaza’s value.
Plan For Data-driven Success
ParkHub’s comprehensive data and analytical tools provided the Boulder team with a holistic view of parking patterns, empowering them to effectively plan and budget for upcoming years.
Learn More
With integrated payments, devices, and business intelligence, ParkHub is paving the road to a brighter digital future. On that road, ParkHub customers are driving away from cash, quickly and seamlessly.
Experience How ParkHub Can Transform Your Parking Operations
“ParkHub was designed to revolutionize an antiquated industry by providing an agnostic and open technology platform for finding, reserving, and paying for event parking online. As we expanded, we developed a best-in-class, mobile-point-of-sale device and comprehensive management suite, currently used by hundreds of parking operators, sports & entertainment venues, universities, festivals, & more, at thousands of locations across the U.S. With our recent acquisition of Smarking, we also offer full-scale business intelligence, dynamic pricing, and pre-paid reservation products, utilized by numerous municipalities across the country.”
Chris Elliston
ParkHub Chief Revenue Officer