SHERMAN OAKS (CBSLA.com) — In a city that puts a premium on parking spaces, the fully-automated parking garage could soon be the wave of the future.

City Councilman Paul Krekorian and City Controller Wendy Greuel were among several city officials on hand Wednesday to celebrate the opening of AutoParkiT, the first-of-its-kind system ever in Los Angeles.

The parking system’s first local installation at an upscale condominium at 1439 Burbank Blvd. in Sherman Oaks parks twice as many cars in the same space as a traditional parking structure.

Here’s how it works: after a driver pulls into the building, turns off and exits the vehicle, the automated system whisks their car away to a designated spot – all while using half the space of a conventional parking garage.

The facility – which is without ramps, stairs, escalators and elevators – also serves to cut down on carbon emissions from drivers hunting for a parking space or waiting to pay an attendant.

A 500-car automated garage would save over 6,000 gallons of gasoline per year and eliminate over 60 tons of carbon dioxide, according to data cited by the developer.

In a statement, Greuel endorsed AutoParkiT as a viable solution for “car-crazed Southern California.”