WHY STERLING ? |  INCREASED REVENUE
 

The application of Robotic Parking ™ Technology technology adds value to any development project by:

  • Lowering the overall development costs

  • Lowering the overall operation costs

  • Adding revenue generating floor area

Construction / Development Costs

Conventional Garage vs. Automated Facility

 

Conventional Garage

Automated Garage

Land

$8 Mil.

$8 Mil.

Construction Costs

400 x $10,000 = $4 Mil

850 x $14,000 = $11.9Mil

Soft costs

$0.5 Mil

$ 0.5 Mil

Development Costs
(Land + Construction Costs + Soft costs / # cars)

$12.5 Mil / 400 = $31,250 / space
130%

$20.4 Mil / 850 = $24,000 / space
100%


 Robotic =    

1050 Cars (115,000 sf)

Conventional =    

  700 Cars (245,000 sf)

 

 --------------

New Gain for the developer =    

350 extra parking spaces in the same building envelope.

PLUS:    

130,000 sf additional floor area for commercial use in the same building envelope as well.




COST COMPARISON*

Conventional versus Automated Garage

(*Note: Any cost comparison is based on assumptions and does not necessarily reflect local situations; therefore the numbers contained herein, although derived from real projects, may not match your situation as there are too many different possible scenarios and variations throughout the United States.)

The comparison is based on a downtown garage in Chicago with 620 stalls, 24/7/365 operation, with valet service. There is a total 205,000 square feet of deck space.

DESCRIPTION

CONVENTIONAL

Robotic Parking ™ Technology  AUTOMATED

With comparable number of stalls

With comparable size of lot

(A)- Investment

           

   Land

30,000 sf

$12,000,000

15,000 sf

$6,000,000

30,000 sf

$12,000,000

   Turn Key Garage
   Construction Cost

620 u. X $12,000

$7,440,000

639 u. X $13,000

$8,307,000

1430 u. X $10,250

$14,657,500

   Soft Cost

5% of Const. Cost

$372,000

5% of Const. Cost

$415,350

5% of Const. Cost

$732,875

   Total

 

$19,812,000

 

$14,722,350

 

$27,390,375

   Cost per space

 

$31,954

 

$23,040

 

$19,154


(B)- Operation

           

   Personnel

7 full time,
10 part time

$280,000

3 full time

$180,000

3 full time

$180,000

   Salaries for manager,
   bookkeeper etc

$68,500

 

$50,000

 

$50,000

   Tax Payroll

 

$33,750

 

$22,300

 

$22,300

   Health, Welfare

 

$44,890

 

$29,670

 

$29,670

   Cleaning

 

$26,000

 

$5,200

 

$8,000

   Uniforms

 

$7,000

 

$0

 

$0

   Repairs & Maintenance

 

$60,000

 

$100,000

 

$200,000

   Supplies

 

$10,000

 

$10,000

 

$10,000

   Workers' Compensation

 

$16,000

 

$10,000

 

$10,000

   Insurance

 

$30,000

 

$25,000

 

$30,000

   Armored Car

 

$7,000

 

$0

 

$0

   Security

 

$30,000

 

$0

 

$0

   Telephone

 

$3,000

 

$3,000

 

$3,000

   Utilities

 

$75,000

 

$60,000

 

$135,000

   License & Permits

 

$7,000

 

$5,000

 

$5,000

   Data Processing & Postage

 

$7,000

 

$7,000

 

$7,000

   Printing

 

$7,000

 

$7,000

 

$7,000

   General Expense

 

$5,000

 

$5,000

 

$5,000

   Advertising & Promotion

 

$2,000

 

$2,000

 

$2,000

   Management Fee

 

$86,000

 

$0

 

$0

   Maintaining Buildg. 
   2% of Const. Cost

 

$148,800

 

$55,380

 

$123,933

   Replacement of parts
   3 % of Equip. Cost

   

$100,000

 

$150,000

   Total

 

$953,940

 

$676,550

 

$977,903

   Operating Cost: Space/Month

 

$128.22

 

$88.23

 

$56.99

   Debt Service: Space/Month

10% of Invest. Cost

$266.29

13% of Invest. Cost

$249.60

13% of Invest. Cost

$207.50

   TOTAL SUMMARY OF COST =

$394.51

 

$337.83

 

$264.50

   Depreciation of Garage Cost

 

3-5% / Y

 

16 % / Y

 

16 % / Y

 
Simply a Smarter & Safer Way to Park™  
   
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