Newark Liberty International Airport Consolidated Rent-A-Car Facility
Conrac Solutions, with equity partners Related Fund Management and Fengate Asset Management, are providing design, construction, financing, operations and maintenance of a consolidated rent-a-car center (ConRAC) and public parking facility at Newark Liberty International Airport (EWR). EWR ConRAC, LLC, a special purpose vehicle formed by Conrac Solutions Capital (CS Capital), entered into a 35-year lease with the Port Authority of New York and New Jersey to deliver and operate the project.
CS Capital organized and executed the financing of the project. Conrac Solutions Project Delivery (CS Project Delivery) is overseeing project development and is managing the design and construction. Design and construction are being performed by Austin VRH Joint Venture under a fixed-price, date-certain design and construction contract. Once operational, Conrac Solutions Operators (CS Operators) will manage the operations, maintenance and lifecycle of the project under a full-term operations and maintenance contract.
The Newark Liberty International Airport ConRAC is an integral component of the Terminal One Redevelopment Program to create a world-class airport experience. When complete, this new facility will offer numerous benefits to the Airport, RACs, their customers, and the traveling public.
Project News Releases
Conrac Solutions and iCON Infrastructure Announce Partnership to Develop Consolidated Rent-A-Car Airport Infrastructure
Agreement enables joint undertaking of ConRAC development, financing, construction and operation throughout the U.S. and Canada over the next five years
RENTON, WA – Nov. 9, 2020 – Conrac Solutions, has announced a partnership with independent infrastructure investment group, iCON Infrastructure, including equity financing for future private delivery and re-financings of ConRAC facilities over the next five years.
As nationwide leaders in ConRAC development, finance and operation, Conrac Solutions’ partnership with iCON Infrastructure effectively merges Conrac Solutions’ transportation infrastructure delivery expertise with iCON Infrastructure’s international investment management network. In connection with the travel industry’s post-pandemic recovery, this agreement will provide benefits to both airports and the rent-a-car industry through Conrac Solutions’ innovative project delivery and financing approach.
As evidenced by Conrac Solutions’ global award-winning financing approach of Newark Liberty International Airport’s ConRAC, which closed in the spring of 2019, this financing method is structured to absorb demand and market dislocations over periods of time, such as the current pandemic, without impacting the customer. Further, airports maintain control of the asset development terms and remain long-term owners of the facility, fully maintained with lifecycle-cost guarantees. This approach also exempts the rent‐a‐car industry from coverage of shortfall revenue requirements and enables Customer Facility Charge rates to be pre‐set for the life of the facility and not subject to adjustment as is typical under airport‐issued bond financing.
For project renderings and more information visit https://www.conracsolutions.com/EWR.
“We are excited about what this partnership means for Conrac Solutions and for the future of ConRAC development,” says Daniel Pine, Managing Partner of CS Capital. “iCON brings expertise spanning a range of infrastructure sectors and we are excited about our joint ability to accelerate the development of ConRACs to benefit airports, the rent-a-car industry and their customers through the use of flexible and efficient financing structures.”
“We look forward to working with Conrac Solutions because of their unique proprietary model which provides airports with high quality and cost-effective facilities for rent-a-car companies,” says Rory Hunter, Director at iCON Infrastructure. “We are excited to provide much needed investment into ConRAC facilities across the U.S. and Canada and play our part in assisting airports and rent-a-car companies return to their strong growth trajectories.”
Additional Press Releases
- Innovative Financing of Consolidated Rent-A-Car Facility at Newark Liberty International Airport Receives Global Award Recognition
- Newark Airport Breaks Ground on $500 Million Consolidated Rental Car Facility
- Conrac Solutions Closes on Financing for Consolidated Rent-A-Car Facility at Newark Liberty International Airport
EWR ConRAC In the News
- Airport Magazine - CASE STUDY: Innovation in Airport Landside Financing
- Airport Business Magazine - Port Authority embraces P3 development for Newark’s new ConRAC facility
- News 12 NJ - EWR Groundbreaking Broadcast
- NJBiz.com - Consolidated Rent-A-Car breaks ground on $500M facility at Newark airport
- ROI-NJ - Newark airport breaks ground on $500M car rental facility
- Airport Technology - Conrac to secure financing for new facility at Newark Liberty Airport
- Auto Rental News - Conrac bringing $500M car rental facility to Newark airport
- NJbiz.com - 2.7-million-square-foot rent-a-car- facility coming to Newark Airport
Video footage courtesy of PANYNJ
- EWR ConRAC Fact Sheet
- About Conrac Solutions
- About Related Fund Management
- About Fengate Asset Management
- P3 Awards 2020: Best Financial Structure
- IJGlobal: Airport Deal of the Year 2019 for the Americas
- Project Finance International: 2019 P3 Deal of the Year for the Americas
- Proximo Deals of the Year Awards 2019: North American PPP Deal of the Year
Project Construction Updates
Archived Construction Updates
- Project & CFC Implementation Approval – July 2018
- Design Development Docs Complete – Sep 2018
- Close on Financing – May 2019
- Construction Start – June 2019
- Partial Public Opening to Coincide with Terminal One Opening – Sep 2021
- Facility Activation – June 2022
- Commissioning – Sep 2022
- Equipment Startup and Burn-in – Feb 2023
- ConRAC Construction Substantial Completion – April 2023
- ConRAC Open to Public/Operations – April 2023
Cassidy Davis, Conrac Solutions