The cost of a conventional ramp-style parking garage appears to offer a lower cost as compared to an automated garage; however, when you factor in the cost of the land, a robotic parking system gives developers a better return on their investment.
Here’s an example:
Let’s say that a developer has a lot that is 100 x 100 feet or 10,000 sq feet. If the land costs $1000 per sq ft, the land cost to the developer would be $10,000,000.
If a conventional garage on this lot will hold 250 parking spaces, and the cost to build this garage is $20,000 per space; we have a cost to build of $5,000,000. Add in the $10,000,000 land cost, and you have a total cost of $15,000,000. Divide that by the 250 parking spaces and you get a total cost per parking space of $60,000.
A Robotic Parking System can hold twice as many cars in the same amount of space as a conventional garage. Or, get the same number of parking spaces as a conventional garage using half the space.
In this example, our robotic parking system holds 500 parking spaces – twice the number of parking spaces as a conventional garage. If the automated parking garage costs $25,000 per space turnkey, we have a cost to build of $12,500,000. Add in the $10,000,000 land cost, and you have a total cost of $22,500,000. Divide that by the 500 parking spaces and you get a cost per parking space of $45,000.
The robotic parking system may have a higher upfront cost to build; however, the developer gets a better per space return on investment.