Construction begins on £401m ConRAC facility at Newark Airport in US

WCN Editorial Team 25 Sep 2019 NORTH AMERICA TRANSPORT INFRASTRUCTURE

Construction has commenced on the $500m (£401.1m) Consolidated Rent-A-Car (ConRAC) facility at Newark Liberty International Airport located in New York metropolitan area in the US state of New Jersey.

Located adjacent to the Terminal One Redevelopment Project, the 2.7 million ft² development will bring all rental brands under one roof.

Being built on a 19.31-acre site, the ConRAC will feature 2,925 public parking spaces and 3,380 rental car spaces which support the 10 rent-a-car brands.

New York and New Jersey Port Authority chairman Kevin O’Toole said: “We are building world-class airports to meet 21st century customer expectations for enhanced amenities and better service for an improved customer experience.

“This facility will be a great complement to Newark Liberty’s new $2.7 billion Terminal One, and will provide efficiency and convenience for all travelers, not just rental car customers.”

Conrac Solutions Capital has arranged the financing for the project while the equity and critical strategic implementation is provided by Related Fund Management and Fengate Asset Management.

A joint venture of Austin Commercial and VRH Construction serves as a design-build contractor for the project, which is backed by debt financing from a consortium of banks led by MUFG and CIBC.

Conrac Solutions CEO and chairman Mark Pfeffer said: "The project's innovative financing has provided great benefits for all involved, especially the traveling public at Newark Airport.”

The project comprises retail operations with customer wayfinding and traffic circulation. It will offer vehicle fleet storage and enhanced security and includes shared components such as 15 car washes and 54 fuelling positions along with vacuum systems, waste management, and service bays.

Sustainability initiatives of the project include a solar roof, electric vehicle charging stations, LED efficient lighting, and water reclamation and air quality systems.

The public parking area is planned for completion in 2021 followed by the opening of ConRAC to the public in 2023.

---------------------------------------------------------------------------------------------------------------------------------------
Image: The Newark Liberty International Airport in the US state of New Jersey. Photo: courtesy of Fan Railer (talk)/Wikipedia.

With 11 websites and newsletters covering all the key areas within the construction industry, World Construction Industry Network is the leading global construction information resource. READ ABOUT US
PRIVACY POLICY

STAY IN TOUCH!

LATEST TWEETS

World Construction Network | www.worldconstructionnetwork.com is a product of GlobalData. Copyright © 2021 GlobalData. All rights reserved.