Consolidated Rent-A-Car (ConRAC) has announced it has broken ground on a new USD 500m facility at Newark International Airport, the company said.
The 2.7 million-square-foot development brings all 10 rental brands at Newark under one roof, conveniently located adjacent to the Terminal One Redevelopment Project.
The ConRAC will be constructed on a 19.31-acre site, with 2,925 public parking spaces and 3,380 rental car spaces to support 10 rent-a-car brands. It incorporates retail operations with customer wayfinding and traffic circulation, provides vehicle fleet storage and enhanced security, and features shared components including 15 car washes and 54 fueling positions along with vacuum systems, waste management, and service bays. The project employs several sustainability initiatives including a solar roof, electric vehicle charging stations, LED efficient lighting, and water reclamation and air quality systems.
A key project goal of the ConRAC developers is workforce investment, development, and inclusivity. The developers aim for up to USD 350 million to be spent in the local economy, with as much as 95% of the project to be completed by local subcontractors and vendors. Completion of the public parking area is anticipated in 2021, with the ConRAC opening to the public in 2023.
Financing of the project was arranged by Conrac Solutions Capital with equity and critical strategic implementation provided by Related Fund Management and Fengate Asset Management.
A consortium of banks led by MUFG and CIBC is providing the debt financing for the project. The deal includes a fixed-price, date-certain and fully bonded Design Build contract for construction with a joint venture of Austin Commercial, Inc. and VRH Construction Corporation. T
Conrac Solutions family of companies is the only entity in the United States to have privately developed, on-airport, consolidated rent-a-car facilities (ConRACs). As developer, financial sponsor, and operator of ConRACs, the company has experience in predevelopment and feasibility, financing strategies, design and construction, activation, operations, asset management and capital project management.