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

Innovative Financing of Consolidated Rent‐A‐Car Facility at Newark Liberty International Airport Receives Global Award Recognition

Project Finance International Recognizes New Model of Private Financing for ConRAC Facilities as: P3 Deal of the Year for the Americas

NEWARK, NJ – January 8, 2020 – 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 Capital, the finance subsidiary of the CS family of companies, arranged private debt and equity to be repaid solely from a Customer Facility Charge (CFC) collected from rent‐a‐car customers over the facility’s 35‐year lease period.

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.

Financial close for the project took place May 2019, and construction is now underway. Completion of the public parking area is scheduled for September 2021 with the ConRAC opening in April 2023.

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.

#####

Additional Press Releases

EWR ConRAC In the News

Video footage courtesy of PANYNJ

Photo Gallery

See More Photos...

Background Information

Awards

Project Links

Project Construction Updates

Archived Construction Updates

Subscribe here.

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
This email address is being protected from spambots. You need JavaScript enabled to view it.
(206) 499-9505

Key Stakeholder Statements and Information

Mark Pfeffer

Mark Pfeffer

Chairman & CEO, Conrac Solutions
Click here to download a headshot.

Read more

Daniel Pine

Daniel Pine

Managing Principal, CS Capital
Click here to download a headshot.

Read more

Anne Morrison

Anne Morrison

Vice President Properties & Facilities, Avis Budget Group
Click here to download a headshot.

Read more

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

Bismarck Airport

Bismarck Airport

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

Portland International Airport

Our Role:
  • Technical Representative
  • Facility Activation
  • Facility Manager
  • Fueling Manager
Salt Lake City International Airport

Salt Lake City 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
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
Chicago Midway International Airport

Chicago Midway International Airport

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

Lubbock Preston Smith International

Our Role:
  • Facility Activation
  • Facility Manager
  • Fueling Manager
  • Consortium Management

Conrac Solutions