Challenge
Pike & Rose, a premier, mixed-use development in Montgomery County, features a variety of dining, entertainment, and retail venues, in addition to four residential buildings. Colonial Parking® has operated parking at Pike & Rose since the first garage opened in 2013. The combination of the development’s complex building program and ongoing construction creates high parking demand for shoppers, diners, employees, and residents – each with very different parking needs. Colonial has developed and implemented a series of parking strategies and operational improvements to guarantee parking availability, while maximizing revenue and providing unmatched customer service.
Approach
Pike & Rose – which experiences a high volume of transient customers and turnover – offers free parking for the first two hours, but sees an average stay of 3.5 hours. To protect revenue and ensure enforcement across eight discrete parking areas, Colonial worked closely with the Client to procure and install eight SkiData access gates, in-ground sensors, and red and green space indicators. We also implemented a Roving Enforcement Officer to recoup all revenue earned and regularly engage customers to proactively address parking issues as they arise. Additionally, our Pricing and Yield Management and Operations teams raised the maximum daily rate and devised an off-site parking program for construction workers for $30 per month, thereby improving transient access to parking throughout the day. The team also incentivized off-site parking and public transportation to Pike & Rose employees to guarantee daily parking to visitors and restructured hourly rates to optimize revenue based on demand.
Results
Following the installation of all access gates, Pike & Rose experienced a jump in the number of monthly accounts and transient parkers. Colonial continues to be an integral partner in strategic planning and decision-making as Pike & Rose continues to expand.
