The Opportunity
The assemblage of approximately 25 acres of irreplaceable land adjacent to Charlotte Douglas International Airport (CLT) for the development of a new parking facility.
Establishing a presence in Charlotte had long been a top priority for The Parking Spot, Green Courte’s near-airport parking operating company. One of the fastest-growing major cities in the country, Charlotte serves as the corporate headquarters for Bank of America, Wells Fargo, and several other Fortune 500 companies, and its airport ranks among the nation’s busiest.
Entering this rapidly expanding market would be a complex challenge, however, as no simple opportunity presented itself. A lack of available, entitled, developable land created a high barrier to entry. Opening a location for The Parking Spot here would require the vision and expertise to aggregate a collection of strategically located but separate parcels of land for a single facility, and securing each contiguous parcel would be vital to achieving the necessary scale. Executing this series of transactions would take a tenacious, long-term effort.
Green Courte was well-suited to complete this challenging development plan. The desired parcels of land were independently owned, which required Green Courte’s acquisitions team to engage four separate sellers simultaneously. The team worked with multiple agencies to facilitate the zoning and entitling process for all of the parcels on the same timeline. The acquisitions were completed in 2017, and The Parking Spot’s development team then broke ground on the new facility.
The Transformation
In April 2018, The Parking Spot completed the initial phase of development, which included 1,719 parking spaces. The second phase, completed in early 2023, added 680 more spaces. The Parking Spot’s team successfully leveraged its existing national corporate relationships with nearby Fortune 500 companies to tap into their employee networks and build a strong base of new, high-value customers. The facility quickly exceeded Green Courte’s underwriting by delivering the exceptional customer experience that has made the Parking Spot the nation’s leading near airport parking operator.
