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 |
|
|
