Newark Liberty International Airport (EWR) this week broke ground on a new Consolidated Rental Car (ConRAC) facility that will feature 2,925 public parking spaces and 3,380 rental car spaces to support 10 rent-a-car brands.
The 19.31-acre site will include retail operations with customer wayfinding and traffic circulation, vehicle fleet storage and enhanced security, and shared components, including 15 car washes and 54 fueling positions, along with vacuum systems, waste management and service bays.
The new ConRAC also includes sustainability initiatives, such as a solar roof, electric vehicle charging stations, LED efficient lighting, and water reclamation and air quality systems.
Financing of the $500 million project was arranged by Conrac Solutions Capital, with equity and critical strategic implementation provided by Related Fund Management and Fengate Asset Management. The financing structure is both unique and an anticipated model for ConRACs at airports throughout the nation, with the financing supplied by equity partners and then repaid solely out of proceeds received from the Customer Facility Charge applied to rent-a-car transactions.
“This facility will provide efficiency and convenience for all Newark Airport travelers, not just rental car customers,” says Kevin O’Toole, chairman of the Port Authority of New York & New Jersey, which oversees EWR. “With the new Terminal One project, Newark will be host to an even greater volume of travelers with much improved amenities and operations, and the ConRAC will be there to support them.”
Completion of the public parking area is anticipated in 2021, with the ConRAC opening to the public in 2023.
