Off-airport parking firm acquires local competitor

A Cincinnati-based company that fought a legal battle with the Indianapolis Airport Authority over construction of an off-site parking facility has acquired its largest local private competitor and plans to close its lot.

Fast Park, which opened a 1,955-space covered parking facility in Ameriplex near the airport last month, purchased Indy Park Ride & Fly in a deal that closed Monday. Terms of the deal were not disclosed.

Indy Park, which opened in 1997, has more than 2,300 open-air spaces at 3875 Plainfield Road, three miles from FastPark's facility at 8550 Stansted Drive and about a mile from the airport.

Fast Park said Tuesday it will close the Plainfield road facility "within the next few months," and "consolidate Indy Park Ride & Fly customers and employees over to the recently-opened, state-of-the-art Fast Park facility on Stansted Drive."

“We’re very excited to welcome Indy Park Ride & Fly customers and employees to the Fast Park family,” Chief Operating Officer Manuel Chavez III said in a prepared statement. “We are currently working with Indy Park Ride & Fly employees and hope to bring over most of the staff to join our team as they are an important part of our future in Indianapolis. Not only do they have extensive knowledge and insight into the business and Indianapolis market, they are familiar faces that Indy customers know and respect.”

FastPark is planning a second phase of construction that will expand parking spots to 3,611. It did not disclose a timeline for the expansion. The company has 15 other off-airport parking lots across the country.

The $15 million Fast Park facility was authorized in 2011 by the Metropolitan Development Commission, but was opposed by the airport authority, Mayor Greg Ballard and some area residents. The airport gets a major share of its revenue from parking fees.

The airport authority waged a legal battle from early 2012 to mid-2013 against Fast Park developer Chavez Properties and Ameriplex owners Midwest Logistics Partners before finally dropping the case at the urging of the City-County Council.