Los Angeles, California, Dec. 07, 2018 (GLOBE NEWSWIRE) -- LA Gateway Partners, LLC (LAGP) has successfully reached financial close on the Los Angeles International Airport (LAX) Consolidated Rent-A-Car Facility (ConRAC) development project. The LAGP team, selected in September 2018 by Los Angeles World Airports (LAWA) following a highly competitive bid process, comprises:
The US$2 billion project includes all design, construction, financing, commissioning, operations and maintenance costs over the 28-year concession period.
“We are pleased to reach this significant milestone, in partnership with LAWA and the City of Los Angeles, and to be moving into the design and construction phase of delivering this landmark infrastructure for LAX, its passengers and surrounding communities,” said Mac Bell, Director and Head of P3 Investments, Fengate.
“The ConRAC financial close process has culminated in a solid partnership between LAGP and LAWA that will now underpin the design and construction phase of this world class project,” said Cathy Orquiola, Vice President and District Manager of PCL’s California Buildings. “We are excited and honored to work with LAWA to deliver such a critical facility that will help improve the traveler experience at LAX.”
The development of the new LAX ConRAC facility will consolidate the operations of rental car agencies at LAX, which are currently spread across 23 separate properties surrounding the airport. Comprising 5.3 million square feet, the LAX ConRAC will be the largest ConRAC facility ever built and will be connected to LAX’s Central Terminal Area via an Automated People Mover (APM) train system. The project’s scope also includes a package of improvements to the roadways surrounding the project site.
The LAX ConRAC is being procured as a key component of LAWA’s US$5.5 billion Landside Access Modernization Program (LAMP); a comprehensive roster of capital improvement projects focused on a greatly enhanced LAX passenger experience, reduced traffic congestion, reduced carbon emissions and environmental impacts, increased operational efficiencies, and improved land use.
Read more about LA Gateway Partners here. Read more about LAWA here.
Amy Holmes Fengate Asset Management +1 905 491 2619 email@example.com