Local parking firm signs deal with Santa Monica

'Complex and challenging opportunity' to generate $15M a year

Email | Print By Kyle Swenson

Nashville's Central Parking has inked a deal with the City of Santa Monica, Calif., to run 29 of the municipality's parking facilities. The company will be responsible for 15,000 spaces in the beach-front community that generate $15 million of revenue a year.

Central Parking, which is the country's largest parking management firm and oversees 1.1 million spaces, will oversee Santa Monica's 11 downtown parking lots and 15 beach lots, as well as the lots at the Civic Center, Beach House and Public library.

“We are excited to be awarded this complex and challenging opportunity by the City of Santa Monica,” the company's CEO Emanuel J. Eads said in a release.

Central was on track to ring up about $1.1 billion in annual revenues when it was taken private by three private-equity firms two years ago. However, the company has since trimmed down a little, shedding its international assets.