Richmond International Airport eyeing two new decks for public parking, rental cars

The airport is considering building thousands of new structured parking spots. (Mike Platania photo)

Richmond International Airport’s future itinerary may include about $230 million in new parking facilities. 

The regional airport’s governing body is considering building two new parking decks: one for the general public, and the other for rental car operations. 

The $120 million public parking facility would be built on the current Economy A lot at 5500 Eubank Road, just north of the Economy B lot. At 5,500 spots, the new facility would be the largest deck at RIC: the existing North and South garages total about 6,800 spots between them.

The new rental-car garage, which would have to be limited to two stories to preserve air traffic control sightlines, is estimated to cost around $108 million and would take three years to design and build.

The proposals were outlined last week at a meeting of the Capital Region Airport Commission’s Finance and Audit Committee. Spokesman Troy Bell said the airport is considering the projects to meet customer expectations as RIC grows into a medium hub. 

“We aim to provide world class customer experience, comparable to that of other medium hubs,” Bell said in an email. “We have immediate needs for 1) more rental car space at the airport and 2) facilities to accommodate public parking demand at RIC which has never been higher.”

To help fund the new structures, the commission is considering raising both the airport’s daily parking rates and a fee it levies on rental car agencies. 

The airport currently charges $7 per day to park in its economy lots and $12 per day to park at the North and South garages near the terminal. Those rates could be raised to $10 and $15, respectively. 

The new Economy A parking deck would be larger than both the South and North garages.

Outside of an increase to its valet parking rates a few years ago, RIC hasn’t changed its economy or garage parking rates in 22 years, which – according to studies by mobility and parking consulting firms Wood Solutions Group and 20/20 Parking Consultants – puts it “significantly below its peer (airports).”

Parking is a major revenue source for the airport, pulling in over $30 million in the last fiscal year. The increased parking fees would help fund the new Economy A deck, as well as other airport operations and facility improvements. 

To help pay for the rental garage, the commission also is considering raising its daily Customer Facility Charge (CFC) from $2 to $8.25.

CFCs are fees imposed by airports and collected by rental car companies that operate on-site. They’re often passed down to customers at check-out, and revenue raised through CFCs can be used to back credit bonds and finance or improve car rental facilities. 

According to an analysis by local financial advisory Davenport & Co., RIC’s $2 CFC is less than half of those levied by peer airports that operate on a similar budget. Richmond’s nearest geographical peer, Norfolk International Airport, has a CFC of $8, and that is planned to be raised to $10 as Norfolk is planning a parking expansion of its own, per Davenport’s study. 

Car rental companies at RIC have facilities on-site at which they clean, refuel and service their cars, but customers pick up and drop off cars at a designated rental car garage north of the terminal. That garage is at capacity.

Where the existing rental garage has a capacity of about 450 spaces, an analysis from Michigan-based aviation consulting firm Jacobsen|Daniels estimates that current demand is for about 700 spaces. By 2034, Jacobsen|Daniels anticipates, demand will be nearly double the current rental garage capacity. 

The terminal lobby at Richmond International Airport. (Courtesy Todd Wright/RIC)

Neither the general parking or rental car parking proposals have been finalized. Next steps include further study and gathering staff recommendations. Any changes would have to be approved by the full Capital Region Airport Commission. 

RIC President Perry Miller said investing in the airport’s parking infrastructure is “essential to enhancing the traveler experience, supporting our regional economy, and ensuring RIC remains the airport of choice for the mid-Atlantic region.”

“While shifting travel patterns and evolving transportation options, such as Uber and Lyft, initially created uncertainty about future infrastructure needs, our customers have spoken loud and clear,” Miller said in an email. “We must expand rental car facilities and public parking to meet growing demand.”

In other RIC news, some new flights were added to the airport’s itinerary last week, as Spirit Airlines announced that beginning May 7 it’ll begin nonstop service from Richmond to LaGuardia Airport in New York City. The new flights are planned to operate four times each week, on Mondays, Wednesdays, Fridays and Saturdays. This spring, the airport is also adding direct flights to Bermuda, its first international flights in over a decade. 

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