The Parking REIT Inc. recently announced that the company has launched a lighting retrofit project at parking facilities throughout its portfolio to replace inefficient fluorescent and sodium lighting with modern and highly efficient LED lighting. Thus far, the company has completed lighting retrofits at four facilities, resulting in an estimated collective savings of nearly $1.2 million for the lifetime of the LED lighting.
Additionally, each property’s expected lifetime return on investment averages 279%, with an approximated yearly reduction in lighting costs averaging76%.
“The Parking REIT continuously seeks opportunities to improve operations at our facilities in order to promote efficiencies and maximize profits for our shareholders,” said Mike Shustek, chief executive officer of The Parking REIT. “Our ongoing lighting retrofit project has already resulted in reduced operational expenses that we expect to reflect well on the REIT’s entire portfolio performance, particularly as we expand the program in the coming months to additional facilities in our portfolio.”
Thus far, The Parking REIT has implemented the LED lighting retrofit at the following facilities:
414 Renaissance Drive West, a parking garage striped with 1,275 spaces in Detroit, Michigan,
708 St. Clair Ave., a 536-space parking garage in Cleveland, Ohio,
112 E. Washington St., a parking garage striped with 370 parking spaces in Indianapolis, Indiana, and
321 Race St., a 350-space parking garage in Cincinnati, Ohio.
In total, the new energy-efficient lighting at the four properties is equal to the removal of more than 760,000 tons of carbon dioxide each year and approximately 600,000 kilowatt hours per year of energy saved. Additionally, the environmental benefit is equal to the planting of approximately 11,000 trees per year for each year the LED lighting is operational when compared to the traditional lighting systems that were replaced.
In the next six months, the company expects to complete LED retrofits at eight additional parking facilities located in California, Hawaii and Texas. Additional properties in The Parking REIT portfolio are under evaluation for possible participation in the retrofit program.
EOS Energy Optimization Services converted the Detroit parking garage, ECO Lighting Solutions converted the Cincinnati and Indianapolis parking garages, and Shannon Electric converted the Cleveland parking garage on behalf of The Parking REIT.