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Case Study - Met 3 Miami Parking.

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The Problem.

Met 3, an urban parking facility previously managed by the competition, faced challenges in revenue generation and operational efficiency. The prior operator's strategies were unable to maximize the garage's revenue potential. Recognizing the underutilized capacity of the garage, the owner sought a shift in management services to enhance revenue and streamline operations.

The Solution.

Premium Parking implemented a multifaceted solution to unlock the garage's revenue potential. The "Lock the Block" strategy involved forming partnerships with neighboring businesses, including Whole Foods, Julia & Henry food hall, and Hell’s Kitchen, boosting parker traffic and subscription revenue. The decision to go fully gateless within the commercial self-parking area streamlined entry and exit processes, providing a seamless experience GLIDE Eye LPR® cameras were strategically placed on-site to enhance compliance. Lowering daily parking rates to align with market demand and introducing live occupancy rates contributed to an optimized pricing strategy and real-time monitoring of space availability.

The Results.

The transformative initiatives at Met 3 have yielded remarkable outcomes. Daily parking revenue surged by 20% during Premium's management from March 2023 to December 2023, compared to the competition's oversight from March 2022 to December 2022. Notably, subscription revenue experienced a significant uptick of 37% within the same timeframe. Operating expenses were streamlined with an impressive 45% reduction, emphasizing the positive impact of strategic adjustments on cost efficiency. With all this there was a 38% Increase NOI for Met 3.

Furthermore, Met 3 successfully transitioned to a fully gateless system within the commercial self-parking area, incorporating cutting-edge GLIDE Eye LPR® cameras both on and off-site. Daily rates were lowered, Parking Logix occupancy counters were implemented for real-time data, and validations were extended to Silver Spot Cinema customers through Search & Validate. The garage has diversified its customer base by accommodating employees from Whole Food and a nearby food hall. Both contributing to the flourishing monthly subscription revenue. A recent addition to the revenue mix is the Hell's Kitchen valet storage, accounted for as subscription revenue.

All these developments are concentrated within a one-block radius, solidifying Met 3's position as a dynamic and lucrative parking solution. The garage has successfully attracted a significant customer base from a third-party cruise company, introducing a park and fly concept that further enhances revenue diversity. The incorporation of Star Spaces & EV Charging spaces, clear instructional signage, and the engagement of a new security company have collectively fortified Met 3's overall improvement and market standing.

These positive outcomes demonstrate the effectiveness of innovative parking management strategies, enhanced security measures, and customer-centric initiatives in revitalizing urban parking facilities. A strategic shift in management services, coupled with technological advancements, can lead to remarkable financial and operational improvements.

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