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.”

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Additional Press Releases

EWR ConRAC In the News

Video footage courtesy of PANYNJ

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Milestone Dates

  • 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

Media Contact

Cassidy Davis, Conrac Solutions
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(206) 499-9505

Key Stakeholder Statements and Information

Mark Pfeffer

Mark Pfeffer

Chairman & CEO, Conrac Solutions
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Daniel Pine

Daniel Pine

Managing Principal, CS Capital
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Anne Morrison

Anne Morrison

Vice President Properties & Facilities, Avis Budget Group
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What Others Are Saying

“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.” - Kevin O’Toole, Chairman of the Port Authority of New York & New Jersey

“We are incredibly proud to break ground on this facility. The project’s innovative financing has provided great benefits for all involved, especially the traveling public at Newark Airport. I’d like to thank Port Authority, rent-a-car industry and community leadership for their involvement and counsel, without which this would not be possible.” - Mark Pfeffer, Chairman and CEO of Conrac Solutions

“Conrac Solutions is a market leader in ConRAC facilities and we are pleased to partner with them and the PANYNJ on a creative private capital solution that will help realize a holistic one-stop solution for rent-a-car operations for the millions of passengers who pass through EWR each year, and is anticipated to become a national model for private-sector investment in these facilities.” - Andrew Right, Managing Partner of Related Infrastructure

Project Team

Rent-A-Car Brands

Newark Liberty International Airport

Newark Liberty International Airport

  • Finance Delivery & Construction
  • Design Consultation and Pre-Development
  • Facility Activation
  • Facility Manager
  • Fueling Manager
San Diego International Airport

San Diego International Airport

Our Role:
  • Design Consultant
  • Consortium Manager
  • Facility Activation
  • Facility Manager
  • Fuel Manager
Ted-Stevens International Airport

Ted-Stevens International Airport

Our Role:
  • Project Delivery & Construction Manager
  • Asset Manager
  • Activation Manager
  • Facility Manager
  • Fueling Manager
Chicago Midway International Airport

Chicago Midway International Airport

Our Role:
  • Activation Manager
  • Facility Manager
  • Fueling Manager
San Francisco International Airport

San Francisco International Airport

Our Role:
  • Consortium Manager
  • Facility Manager
  • Common QTA Process Manager
Chicago O’Hare International

Chicago O’Hare International

Our Role:
  • Project & Transition Consultant
  • Interim Operational Support
  • Facility Activation
  • Facility Manager
  • Fueling Manager
Seattle-Tacoma International Airport

Seattle-Tacoma International Airport

Our Role:
  • Design Consultant and Pre-development Facilitator
  • Consortium Manager
  • Activation Manager
  • Facility Manager
  • Fueling Manager
Portland International Airport

Portland International Airport

Our Role:
  • Technical Representative
  • Facility Activation
  • Facility Manager
  • Fueling Manager
Lubbock Preston Smith International

Lubbock Preston Smith International

Our Role:
  • Facility Activation
  • Facility Manager
  • Fueling Manager
  • Consortium Management
Austin-Bergstrom International Airport

Austin-Bergstrom International Airport

Our Role:
  • Project Delivery & Construction Manager
  • Design Consultant and Pre-development Facilitator
  • Facility Activation
  • Facility Manager
  • Fuel Manager
Bismarck Airport

Bismarck Airport

Our Role:
  • Finance, Delivery & Construction
  • Design Consultation & Pre-development
  • Facility Activation
  • Facility Manager
Salt Lake City International Airport

Salt Lake City International Airport

Our Role:
  • Design Consultant
  • Consortium Manager
  • Facility Activation
  • Facility Manager
  • Fuel Manager

Conrac Solutions