Parking Monetization Study for University of Akron

The University of Akron (UA) engaged Walker to perform a two-phase study of the potential opportunity for monetizing UA’s parking and transportation system. Once this potential was confirmed through a Phase 1 study, Walker was engaged to provide a study and report used for financial underwriting purposes. The concession consists of approximately 8,555 spaces located in 33 surface parking lots and 7 multi-story parking decks. Also included is UA’s downtown Akron shuttle circulator and an arrangement with Akron Metropolitan Regional Transit Authority to provide access to its public bus transportation system.

Key features of the study encompassed market and financial analysis, rate assessments, asset condition assessments, financial performance reviews, financial modeling, threat analysis, and operational and maintenance standards.

Walker provided a report supporting financial underwriting, a 35-year parking and transportation financial projection, including capital expenditures, and collaboration between the concessionaire and owner.

The benefits of the study include:

• Generating of an upfront capital payment to help UA achieve its growth targets and advance its strategic priorities
• Improving the physical condition of parking facilities
• Improving the customer experience by outsourcing the operation to an experienced, professional third-party parking operator
• Improving the operation and management of the system using technology and parking industry best practices
• Helping UA focus on its core mission of education and success