Some low cost, low maintenance, and low management commercial properties can be highly profitable. One of these is storage units. Another is parking garages. Your might not think there is much technology that can be brought to the parking sector but it turns out there is quite a bit that can.
Some parking garage technology based on ultrasound has been out there for quite some time. However, a company named Park Assist has taken it to a new level with a new system that combines LED lighting with camera based parking guidance. Although Park Assist has installed parking garage technology in more that 20 countries, the first and most advanced technology is only now being installed at Legacy West located in Plano, Texas, the first North American location.
The L4 System
The L4 system is the newest technology offered by Park Assist. The L4 system combines an ultra-efficient LED Lightpipe, which uses 60% less electricity than traditional lighting, with Park Assist’s camera based parking guidance system. A Lightpipe is an elongated circular source of LED lighting designed specifically for parking garages. Not only does the L4 system provide energy efficient LED lighting but the system also provides all the features and functionality of their M4 system. It combines LED lighting with camera based parking guidance.
Legacy West parkers will enjoy an effortless parker experience, with guidance to all four parking garages and back to their car using Park Assist’s Find Your Car feature. Park Assist’s software will feature Park Alerts and Park Surveillance to provide a heightened level of security and peace-of-mind to Legacy West customers. The projected project completion date is summer 2016.
The Next-Generation Parking Guidance System
Park Assist mobile apps are used by customers with features accessible across a wide range of smartphones and tablets. Using continually updated data from smart-sensors, the core server provides the most current information on available spaces in each area of the facility. Enabling the clearly viewable smart-sensors to signal parkers quickly to open spaces.
Park Assist is a business intelligence technology company that utilizes cameras to enhance the efficiency and profitability of parking facilities through guidance, license plate recognition, surveillance, and its premium parking features.
The development of the camera based smart-sensor is a significant achievement in itself. However, it is just one of a trio of enabling elements that make up the Park Assist technology platform. This autonomous sensor with a brain transmits rich data and streaming video to the core system server. In turn, the core server empowers a proprietary suite of sophisticated software to provide a level of advanced detection and analysis that enhances operations and decision-making across the board. Parking garage managers are able to make on-the-fly adjustments to increase efficiency and profitability, analyze a facility’s performance over time – and take actions to heighten revenue, streamline expenses, and boost profitability.
For owners of multiple parking facilities, Park Portfolio is seamlessly integrated with diverse PARCS/revenue systems and third-party platforms. This enables Park Portfolio to function as a unified control platform for multiple sites. As a result, portfolio managers and data analysts can leverage a robust body of consolidated data and insights — and also provide capabilities to all properties that add value to the entire portfolio.
It all goes to demonstrate how far technology has come in our every day lives.
Photo Credit: Firmbee via pixabay
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Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for seven years. He also draws upon 35 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest. In the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.