2&3 MiamiCentral
Miami, FL
Property Overview
- 2 MiamiCentral is a 200,000 square foot building with a 288-space onsite amenity parking garage that can only be accessed via manually operated vehicle elevators and are equipped with double- and triple-vehicle stackers. The garage was mothballed and vehicles were parked offsite at the 3MC garage two blocks away, resulting in long customer wait times and high labor costs. The parking operator was fundamentally misaligned with ownership goals, since the operator’s fees were based upon a percentage of labor hours incurred.
- 3 MiamiCentral is a 127,000 square foot office building with a 1,061-space onsite self-park garage. The garage provides parking for building tenants, Brightline rail passengers and the general public.
Parking Advisors Increased Annual Cash Flow $250,000
- Increased Total Parking Supply by 27% – The total available parking space supply was increased by bringing the mothballed 288 parking spaces in the 2MC garage online.
- Lowered Staffing Costs – As a result of the Parking Advisors’ new operations plan and the operator RFP process, Parking Advisors reduced labor costs and decreased burden rates from 30.9% to 24.8%. In addition, Parking Advisors capped future increases in the newly negotiated management ageement.
- Enhanced Revenue Controls – Parking Advisors closed critical revenue gaps and lowered unredeemed ticket rates and reconciled access devices.
- Improved Customer Service Levels – By parking 2MC tenant and visitor vehicles in 2MC’s onsite parking garage, parking customer wait times were dramatically reduced.
