Metropolitan Airport NewsMetropolitan Airport News
  • Airport News
    • Publisher’s Message
    • Fast Five
    • On Duty
    • Air Cargo
    • Airline News
    • Airport Community
    • Airport Employment News
    • Airport Safety & Security
    • Company Spotlight
    • Ground Services
    • Intermodal
    • New York Aviation History
    • Non-Rev Traveler
  • Airport & Aviation Events
  • Airport Employment
  • Latest Issue
  • Login

Subscribe for Updates

Get the latest local airport and aviation news delivered right into your inbox each week!

News Updates
Elise Eberwein accepts the CF Foundation’s Jena Award on March 23.

American Airlines Donates $1.1 Million to the Cystic Fibrosis Foundation

March 24, 2023
Delta Cargo unveils largest cooler facility at New York-JFK Airport

Delta Cargo Unveils Largest Cooler Facility at JFK Airport

March 24, 2023
Dorothea von Boxberg, CEO Lufthansa Cargo AG

Dorothea von Boxberg to be CEO of Brussels Airlines

March 23, 2023
Facebook Twitter Instagram
Metropolitan Airport NewsMetropolitan Airport News
  • Airport News
    • Publisher’s Message
    • Fast Five
    • On Duty
    • Air Cargo
    • Airline News
    • Airport Community
    • Airport Employment News
    • Airport Safety & Security
    • Company Spotlight
    • Ground Services
    • Intermodal
    • New York Aviation History
    • Non-Rev Traveler
  • Airport & Aviation Events
  • Airport Employment
  • Latest Issue
  • Login
Metropolitan Airport NewsMetropolitan Airport News
Home»Airport News»Consolidated Parking Facilities: New Idea to Improve Infrastructure Financing & Planning
Airport News

Consolidated Parking Facilities: New Idea to Improve Infrastructure Financing & Planning

Financing of Consolidated Rent-A-Car Facility at Newark Liberty International Airport Receives Global Award Recognition
Metropolitan Airport NewsBy Metropolitan Airport NewsMarch 3, 2020No Comments2 Mins Read
Facebook Twitter LinkedIn Email
ConRAC at EWR Newark
The Newark Liberty International Airport’s $500 million consolidated rent-a-car facility (Conrac) project has been selected as the P3 Deal of the Year for the Americas, by Project Finance International.

The Newark Liberty International Airport’s $500 million consolidated rent-a-car facility (ConRAC) project has been selected as the P3 Deal of the Year for the Americas, by Project Finance International. Conrac Solutions Capital leads the development team that closed Newark, the first privately financed ConRAC facility in the U.S. Financing closed in the spring of 2019 and included equity participation by Related Fund Management and Fengate Asset Management. 

PFI is an international resource in global project finance and capital markets information. The annual PFI Yearbook awards are the industry’s most prestigious annual awards presented in London in February of each year. 

“Credit for this project is rightfully owed to the rent-a-car industry in making this project a reality. Further, hats off to Port Authority of New York and New Jersey for forward thinking to utilize this delivery method. It will be a world-class facility, but without any burden to local tax payers,” said Chairman and CEO of Conrac Solutions, Mark Pfeffer. 

CS’ successful utilization of this model allowed the PANYNJ to keep financing completely off-balance sheet, freeing up credit capacity for allocation elsewhere. Further, the PANYNJ maintained control of the asset development terms and will remain long-term owners of the facility, fully maintained with lifecycle cost guarantees from CS Operators. 

Unique to any previously developed ConRAC, using this model will exempt the rent-a-car industry from coverage of shortfall revenue requirements. It also enables CFC rates to be pre-set for the life of the facility and not subject to adjustment as is typical under an airport-issued bond financing. 

The 2.7 million square foot ConRAC will be constructed on a 19.31 -acre site, with 2,925 public parking spaces and 3,380 rent-a-car spaces to support 10 rent-a-car brands. It integrates retail operations with customer wayfinding and traffic circulation, provides vehicle fleet storage and enhanced security, and includes shared components such as 15 car washes and 54 fueling positions along with vacuum systems, waste management and service bays.

Further, the project employs several sustainability initiatives including a solar roof, electric vehicle charging stations, LED efficient lighting, and water reclamation and air quality systems.

Share. Facebook Twitter LinkedIn Email
Metropolitan Airport News
  • Website
  • Facebook
  • Twitter
  • LinkedIn

Produced by a team of aviation professionals and enthusiasts, our mission is to inform and update the more than 68,000 employees who work on the metropolitan New York airport properties, as well as the many others that provide goods and services in the surrounding communities.

RELATED NEWS & UPDATES

Delta Cargo unveils largest cooler facility at New York-JFK Airport

Delta Cargo Unveils Largest Cooler Facility at JFK Airport

March 24, 2023
Alstom Signs Seven-Year Operations & Maintenance Services Contract with Newark Liberty International Airport

Alstom Signs Seven-Year Operations & Maintenance Services Contract with Newark Liberty International Airport

March 17, 2023
Leading Edge AI Chipmaker Hailo Introduces Hailo-15: The First AI-Centric Vision Processors for Next-Generation Intelligent Cameras for Transportation Centers

Hailo Introduces the First AI-Centric Vision Processors for Next-Gen Cameras for Transportation Centers 

March 13, 2023
BA and AA colleagues in Bridge Bar JFK Greenwich Lounge

British Airways and American Airlines Raise a Glass to Aviation American Gin & Betty Buzz at JFK Terminal 8 Lounge

March 9, 2023
PANYNJ to Host Second Platooning Demonstration of Autonomous Vehicles at JFK Airport

PANYNJ to Host Second Platooning Demonstration of Autonomous Vehicles at JFK Airport

March 1, 2023

Long Island MacArthur Airport Announces $26M in Terminal Projects and Completion of the Ground Transportation Center

February 25, 2023
Add A Comment

Leave A Reply Cancel Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

AIRPORT & AVIATION EVENTS
Civil Air Patrol Falcon Squadron Meeting
March 27, 2023
7:00 PM to 9:00 PM
  • John F. Kennedy International Airport-(JFK)
Jamaica, New York
LGA Airport Hiring Event
March 28, 2023
9:00 AM to 2:00 PM
  • LaGuardia Airport-(LGA)
East Elmhurst, New York
FDU Master of Public Administration Open House
March 28, 2023
11:00 AM to 2:00 PM
  • John F. Kennedy International Airport-(JFK)
Port Authority Building
Jamaica, New York
  • >> More Airport & Aviation Events

Subscribe for Weekly Email Updates

Get the latest local airport news, events, and jobs delivered right into your inbox each week.

Metropolitan Airport News provides timely news, information and updates for both Port Authority of New York & New Jersey (PANYNJ) employees and businesses that provide services at, and around the major New York airports (JFK, LGA, EWR).

John F. Kennedy International Airport
PO Box 300877
Jamaica, NY 11430 USA
Phone: (347) 396-0904
Email Us

Facebook Twitter YouTube LinkedIn Flickr
MARCH 2023 ISSUE
Metropolitan Airport News March 2023
LATEST COMMENTS
  • Julia Lauria-Blum on Larger Than Life
  • Robert lee on Jane Mrosko
  • Jerelyn Zontini on Larger Than Life
  • Tom Krpata on The Golden Age of Airline Employment
  • About Us
  • Advertising Options
  • Charitable Giving Program
  • Back Issue Archive
  • Contact Us
© 2023 Airport Media, Inc. All rights reserved.

Type above and press Enter to search. Press Esc to cancel.