Parking Garage Investors

[Karen Margrave]

Are there any investors that are into investing in the development of robotic parking garages? 

[Joseph Cacciapaglia]

I looked at this strategy 5-6 years ago, but at that time, it was too expensive to make sense in any of the markets I looked at. The only time it makes sense is if the land costs are extremely high, relative to parking rates. At the time I was looking, there was also an issue with high volume areas, because the technology wasn't quick enough to park a lot of cars at once. I'm sure it's gotten better since then, but I would guess it still might be an issue. Finding a place with high parking demand, but spread throughout the day, not all at once, proved too difficult for me at the time.