11/15/2018 By: anube-admin

Major League Sports Franchises Venturing Into CRE


Many major league sports franchises are venturing into commercial real estate and the property management industry in an attempt to boost revenue during their off-seasons. Outside of in-season events there is not a lot of draw to sports complexes and the venture into CRE will increase the reasons people come to the areas surrounding sports arenas. Teams across the country and the operating ownership of their arenas and stadiums have begun developing mixed-use projects which include office towers, retail shops, restaurants, hotels and many other amenities. These projects will generate outside revenue and utilize the arenas and stadiums beyond game day events.

The idea of growing a neighborhood around an arena is a popular one. Franchises like Colorado, Wisconsin, San Francisco, Boston and many others have all begun mixed-use projects. For instance, Boston and their TD Garden has begun developing a 1.5 million square foot mixed-use project. This project will include an office tower, retail shop, luxury hotel and restaurants. Offering different services and diversifying interest around the area will create an opportunity for these venues to become tourist attractions and increase daily visitors and tenants.

With the influx of new patrons and tenants to these areas, parking is an important amenity that will add value and generate further revenue. In fact, according to a recent CRE report, parking is ranked the number one amenity in the property management industry. The parking facilities are the first impression visitors and tenants will have for these new CRE projects. Whether parking is offered at the venue or new garages are being constructed to accommodate new buildings, a stress-free, effortless parking experience goes a long way to boost revenue, guarantee long-term tenants, and ensure returning clientele. With Parking Sense and their suite of Intelligent Parking Solutions these projects can offer the best parking experience that will certainly help increase revenue and create a larger appeal to the area.

Parking Sense is the leader in the parking industry, offering a full suite of intelligent parking solutions to CRE properties and their parking facilities that allows for an easy to use, stress-free, better driving and parking experience. Parking Sense begins with Parking Guidance installs into each parking space. This guidance system uses LED lights that indicate if the space is vacant, occupied or reserved. The parking guidance installs are all equipped with a bluetooth beacon that works with the ParkUP mobile app. The ParkUp mobile app is offered by Parking Sense that works directly with the parking guidance system. Interfacing with the bluetooth beacon on each stall, the ParkUp app allows users to reserve stalls before even leaving the house. It alerts mobile devices of any and all charges, fees and time restrictions associated to the parking space. Users pull into a parking space, get the alert on their device, accept the charge and are sent a digital receipt. The ParkUp mobile app also will guide users step by step back to their vehicle. These two parts of the three part system work to reduce the time spent searching for an available stall, eliminates emissions (which scales down the usage of exhaust fans, saving on operating costs) and creates a stress free, memorable parking experience.

The third part of the Parking Sense system is the asset and data management. Using a wireless architecture the system provides real-time, accurate data that allows for an opportunity to better utilize each parking space, adjust associated rates and fees, determine any and all time restrictions, monitor how the garage is used and much more. The three parts of the Parking Sense system (parking guidance, mobile app and data management) create the possibility for a big boost in revenue.

With these exciting and inspiring new projects that the major league sports franchises are venturing into parking is an important amenity and goes a long way in developing a greater return. Installing the full suite of Intelligent Parking Solutions offered by Parking Sense into the existing parking facilities at the arenas or stadiums alone will increase revenue, not to mention how great the boost will be when using Parking Sense with the mixed-use projects.