P3GM has announced today an innovative partnership with the city of Pasadena to enhance parking opportunities in the city through a shared, peer-to-peer mobile solution, the company said.
The unique program marks the first time any city has partnered with the private sector to help solve parking challenges through a shared economy solution.
Private parking spot owners will be able to list their unused and available spaces for a period of time and price of their choosing. Residents and visitors will then be able to reserve and safely pay for parking using the mobile application. By allowing private parking spots to be shared, the solution aims to increase the supply of convenient parking spaces, and reduce the amount of time cars circle city streets in search of parking.
The program is expected to launch in the Summer of 2016.
Established in 2012, P3 Global Management develops public-private partnerships (P3s) that facilitate collaboration between municipalities and the private sector to launch innovative smart city projects.