New Jersey, USA
The new Consolidated Rent-A-Car (ConRAC) facility planned for Newark Liberty International Airport (EWR) will bring all rent-a-car companies at EWR under one roof — at a convenient location — as part of the Terminal One Redevelopment Program. The facility is being constructed on a 16.65-acre site, with 2,925 public parking spaces and 3,380 rental car spaces to support ten rental brands. The project is led by Conrac Solutions, Fengate and Related Fund Management and valued at $500M USD. This is the first ConRAC facility subject to demand risk, financed in the bank market, demonstrating a unique and innovative structure of private financing, that could become a national model for future airport ConRACs.