Indianapolis Airport to Expand Rental Car Capacity with New Ready Return Lot

Indianapolis International Airport is preparing to add a new rental car parking facility as part of a broader effort to improve parking availability and landside operations.

The Indianapolis Airport Authority is advancing plans for an approximately $8.5 million “Ready Return” surface lot. The proposed facility would be located on the north side of Col. H. Weir Cook Memorial Drive, west of the terminal, and would provide space for around 1,900 vehicles.

The lot is intended for rental car companies, giving operators dedicated space for vehicle returns and fleet storage. By moving more rental car activity into a purpose-built area, the airport expects to reduce pressure on parking areas used by passengers and employees.

According to published project details, the site would cover about 15 acres and include supporting infrastructure such as lighting, fencing, and fire protection systems. Airport staff recommended awarding the construction contract to Milestone Contractors L.P.

The total anticipated project cost is about $8.5 million, including a base construction contract of roughly $5.6 million and a construction reserve. The project is expected to be financed through debt backed by 2025 revenue bonds, with repayment supported by rental car customer facility charges.

Once operational, the Ready Return lot is also expected to generate lease revenue for the airport. Rental car operators would lease the space, producing an estimated $250,000 to $275,000 annually based on appraised landside rental rates.

Construction is expected to move forward following board approval, with substantial completion targeted for May 2027.

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