AFCO selected to develop aeronautical facilities at Richmond International Airport
Table of Contents
Aviation Facilities Company Management, LLC has been selected to plan and develop portions of on-airport property at Richmond International Airport for aeronautical industrial purposes.
The Capital Region Airport Commission voted unanimously Oct. 26 to approve the execution of a master development agreement between the commission and AFCO. The agreement stipulates that AFCO submit a development proposal for commission approval, enter into a lease for a parcel of up to 8.4 acres once the development proposal is approved by the commission, complete an environmental assessment, and ultimately construct facilities to support cargo transfer, logistics, or air cargo operations. The agreement also includes certain termination rights if development milestones are not met.
The award of a master development agreement is the result of a request for proposals issued by the commission in December 2019, requesting proposals for the lease and development for aeronautical industrial purposes of approximately five to 20 acres of developable property located adjacent to the East Side Apron No. 1.
Air cargo volume at RIC has been on an upward trajectory since 2013 and reached an all-time high of more than 180 million pounds handled during fiscal year 2021. Since March 2020, the airport has played a logistical role for the delivery of necessary supplies during the COVID-19 pandemic, as well as supporting strong e-commerce growth.
