AFCO Selected to Develop Aeronautical Facilities

Aviation Facilities Company Management, LLC (“AFCO”) has been selected to plan and develop portions of on-airport property at Richmond International Airport (RIC) for aeronautical industrial purposes.

On October 26^th, the Capital Region Airport Commission voted unanimously 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.

“AFCO has an admirable track record for the development of aeronautical facilities, including its previous development at Richmond International Airport,” said Perry J. Miller, A.A.E., I.A.P., president and CEO of the Capital Region Airport Commission. “Thus, we are eager to partner with the company to focus on a key portion of RIC’s East Side, a redevelopment area where the Commission has made substantial infrastructural investment in recent years.”

The award of a master development agreement is the result of a request for proposals (RFP) issued by the Commission on December 17, 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 #1.

“Our relationship with RIC spans almost twenty years and we appreciate our collaborative partnership in making sound investment decisions that have brought value to RIC and the airport community over the years,” said Chuck Stipancic, president and CEO of AFCO.  “We look forward to working with RIC on this new development, which will allow for further investment and development and position the airport to capture future growth in air cargo and other business.”

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 (FY21). Since March 2020, the airport has played a key logistical role for the delivery of necessary supplies during the COVID-19 pandemic as well as supporting robust e-commerce growth.

About Richmond International Airport
Richmond International Airport’s vision is to move people, business, and commerce to advance the Richmond region. To that end, eight major passenger airlines and four dedicated cargo carriers offer domestic service from Richmond International Airport (RIC) with connecting options to points around the globe. Airport activities create nearly 16,000 jobs and contribute $2.1 billion in economic activity annually to the Richmond region, according to the Virginia Department of Aviation (DOAV). The airport is owned and operated by the Capital Region Airport Commission, a political subdivision of the Commonwealth of Virginia. For more information, please visit the airport’s website.

About AFCO
AFCO’s mission is to provide the very best in the development and management of airports and infrastructure for companies in the business of moving passengers, cargo, or freight. Since 1990, AFCO has been a pioneer in U.S. aviation facilities development as a turn-key airport design, build, and property management company. For more information, visit aviationfacilities.com.

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 Contacts:
Troy M. Bell, C.M.
Director – Marketing & Air Service Dev./PIO
Richmond International Airport (RIC)
tbell@flyrichmond.com