
Automated parking systems (APS) are
changing the conventional wisdom about underground parking. An article in
September 2012 edition of the International Parking Institute (IPI) magazine
suggests that APS can make the underground parking much more financially attractive
than is possible with conventional multi-story parking garages. The article
suggests that the building cost per underground parking space of an APS is 40% less
than that of a conventional parking garage. Even adding in the mechanical
system, the APS reduces the total cost by more than 25%.
The advantages of APS over conventional
parking garages when it comes to underground parking are the result of:
- Significantly reduce structure volume requiring much less expensive excavation
- Steel structures requiring less on-site construction than pouring large volumes of concrete, and
- Much shorter overall construction time and time to revenue generation.
Higher parking fees for increased security,
safety and convenience are clearly not included in the analysis. Nor are the
potential for accelerated depreciation or sustainable tax credits or
incentives.
The point here is not to criticize the article or the author. The point is to demonstrate why investors and developers should reconsider the profit potential of underground parking - looking down to see profits go up. For that matter, there are plenty of ways that aboveground APS can increase profits.
Contact your Skyline Parking representative
to see how easily and economically underground parking can be installed when
excavation is done with earth boring technology rather than shovels and trucks.
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