What would you do if you owned a parking lot?

Come on, we’ve all thought about it. Just a small 50 space dirt patch on the perimeter of downtown is all you would need. Set up a lawn chair and start cashing in. And of course it would be the best ran lot in town, because you would do it your way. 

Here is what I would do if I owned my own parking lot.

Be a steward of the neighborhood

Small surface lots still occupy much of many cities' landscapes, and many of them are often seen as unmaintained eyesores contrasted by new developments popping up all around. The cost of resurfacing/re-striping in an acceptable cadence is sometimes hard to sell owners on, but we all know the value of a presentable lot, particularly one that introduces creative landscaping. Additionally, I believe lots have a responsibility to the neighborhoods and communities in which they serve. Partnerships should be developed with local businesses and their employees to drive value. Meeting with the local downtown partnership and other city officials will help promote safety through regular ambassador/police presence - which they are usually quick to offer. My lot would be clean and maintained, and be a positive part of the community.

Implement Demand Based / “Frictionless” Parking

First, I would avoid having a paystation at all reasonable cost. If in the right environment, and even in cities with low but growing technology adoption, I would go to a pay by app solution - only. I would utilize online parking purchasing/reservation services, forfeiting associated fees in exchange for payment processing, reporting, and marketing. Taking things a bit further, I would implement demand based pricing and move toward only selling short-term transient parking, leaving lower valued monthly parking for large garages. Demand based pricing can be accomplished a few ways, but the most exciting is the recently announced SpotHero IQ. With a small lot, value per space needs to be high, and I believe dynamic pricing is now something to be seriously considered.

Solicit Development

Realizing the mortality of surface lots in urban environments, I would be proactive in my lots eventual development. We all know a parking lot owner who is holding out for that big pay day when the neighboring parcel outgrows its limited real estate. This is an opportunity to be a leader and drive growth, rather than be a blocker. That doesn’t mean selling and walking away, but rather working with community leaders and developers on a vision where urban density is the key focus. 

What would you do if you owned your own parking lot?