Bayside Marketplace is in downtown Miami across from Kaseya Center, the home of the Miami Heat. The property has a total of 1,200 parking stalls. It’s the number one tourist destination in Miami consisting of many shops, restaurants, a marina, live entertainment, and the best views of Biscayne Bay.
Platinum Parking assumed management of the garage in January 2019. Making an immediate impact, we have continued making improvements each year.
- Year 1 Gross Sales improved by 16%
- Year 1 expenses reduced by 11%
- Year 4 Gross sales improved by 25% over Year 1
- Year 4 expenses reduced by 25% over Year 1
This garage is situated in a prime location with access to shopping, water, and multiple event venues. What Platinum saw when we took over was a garage that was not operating at its maximum potential. Using dynamic pricing during events allowed us to maximize revenue based on traffic flow and we made an immediate impact on the garage’s overall performance. As time went on, we fine-tuned each aspect of the operation allowing us to generate the highest gross sales ever at this location while reducing expenses.
Achieving such great success was not the result of any one initiative. Many factors were simultaneously in play including:
- Understanding the location’s unique needs
- Maximizing sales at key times
- Marketing the garage to monthly parkers, utilizing the location during slow periods
- Effectively and efficiently managing traffic flow to cut down labor costs
- Improved facility maintenance and appearance
- Using technology to enhance the customer experience
By using our knowledge and known techniques we were able to increase the value of our client’s asset while improving the overall experience to Bayside Marketplace visitors.