ORF Advances Consolidated Rental Car Facility Project

Norfolk International Airport (ORF) has completed a $137.5 million airport revenue bond sale to finance development of a new Consolidated Rental Car facility (ConRAC).

Airport officials said the transaction represents the largest bond sale in the airport’s nearly 90-year history and marks a major step forward in the airport’s ongoing capital improvement efforts.

Construction on the new 438,000-square-foot facility is scheduled to begin this summer, with the ConRAC expected to open in early 2028.

The multistory facility will provide nearly 1,500 rental vehicle parking spaces — more than double current capacity — and include a Quick Turnaround Facility designed to support onsite cleaning and refueling operations.

Airport officials said the project is intended to improve passenger convenience while addressing capacity limitations tied to growing travel demand.

“We’re excited to see ORF’s Consolidated Rental Car facility move one step closer to reality for all those who fly here and need a car in order to move around the region,” said Mark Perryman, president and CEO of the Norfolk Airport Authority.

The airport said rental car operations generated nearly $9.7 million in revenue during fiscal year 2025, making it the airport’s fourth-largest revenue source.

Despite multiple years of record passenger traffic growth, airport officials said the current rental car infrastructure has limited fleet expansion opportunities at ORF.

Once the new facility opens, two levels of the airport’s existing Garage A will be converted to public parking use.

The bonds will be repaid through Customer Facility Charges collected from rental car transactions at the airport.