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The Parking Spot is an off-airport parking company based in Chicago, Illinois. Founded in 1998 by Martin Nesbitt, the company grew quickly to become a distinctive brand with hundreds of millions of passengers annually. [3] The company's first backer was Penny Pritzker, a member of the prominent Pritzker family that founded and largely owns ...
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After drivers select a spot and process their payment, they are given an electronic parking pass that can be printed or presented on a smartphone or tablet. [3] [8] In 2013, as part of its first growth beyond Chicago, ParkWhiz expanded its monthly parking feature to New York City, [2] [9] offering approximately 200 locations. [2] [9]
The average response in parking demand to a change in price (parking price elasticity) is -0.52 for commuting and -0.62 for non-commuting trips. Non-commuters also respond to parking fees by changing their parking duration if the price is per hour. [19]
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A parking structure costs an average of $28,000 per spot, and an underground one about $56,000 per spot, excluding the cost of land. [11] Spots in downtown Los Angeles usually cost more than $50,000 per space. [ 13 ]
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