The authority approved LA Gateway Partners as the recommended developer for the project and will submit the 28-year contract to the BOAC and Los Angeles City Council for full approval in the coming months.
Led by Fengate Capital Management, PCL Investments USA and MVI Finance, the team’s proposal “had the lowest price score and second-highest technical score of the four teams that participated in the procurement process”, LAWA said in a statement.
The authority invited four consortia in April to submit final proposals for the ConRAC, to be delivered under design, build, finance, operate and maintain arrangements.
BOAC approved an early works agreement with LA Gateway Partners, not to exceed $5m, for pre-construction necessities. Today's contract approval is important to maintain the schedule to complete the project in 2023.
The project will agglomerate more than 20 rental car locations in proximity of the airport in one single facility, adjacent to the 405 freeway.
Featuring 6,600 parking stalls, 10,000 idle vehicle storage and 1,100 rental car employee parking spaces, the ConRAC will also be connected to the Automated People Mover, which reached financial close in June.
The ConRAC will be operational in 2023.