With Platinum Parking’s solutions, any lot can be profitable!
The BP Surface Lot consists of 26 spaces and is located in downtown Cleveland, adjacent to the Cleveland Guardians stadium (Progressive Field). This surface lot has an easement through the center of the lot that discourages utilizing the area for parking. When the property changed hands, the new owner reached out to Platinum Parking after observing us running a nearby lot. We put together a plan to operate the lot for special events and began one day later, on July 4th weekend 2022.
The lot was underutilized and labeled “too challenging for parking.” Platinum Parking obtained a parking license from the city in less than 24 hours and began operations on July 4th to take advantage of a high-demand holiday. Under the direction of a highly skilled manager, we set up new signage and had the 30 spaces full in just over an hour. Our manager created a training plan for attendants working at this location due to the intricacies of the lot.
Achieving such great success was not the result of any, one initiative. Many factors were simultaneously in play including:
- Saying “yes” when others were saying “no”
- Clear and consistent communication with the client
- Properly marketing the lot to Cleveland Guardians (MLB) attendees
- Designing a custom parking plan for Platinum attendants
- Parking enforcement during “non-event” days
- Improved curb appeal and signage
Platinum Parking was able to increase the value of the owner’s property by thinking outside the box and applying years of experience to a challenging location.
Platinum Parking assumed management of the surface lots and had an immediate impact. Each year under our management resulted in substantial increases in NOI:
- Year 1 NOI improved by 100%
- Year 2 NOI improved over Year 1 by 41.2%