In 2006 AFCO acquired 47.1 acres of land near the new airport terminal and entrance at Indianapolis International Airport, which opened in November 2008. The $5 million land acquisition is a joint venture between AFCO and Airport Parking Management (APM), who previously teamed with AFCO for the development of parking facilities at Midway Chicago Airport. Approximately one-half of the land has been developed as a 2,300-space off-airport parking lot with support facilities, while the balance of the property is planned for future development of hotels, industrial/flex space, and retail or office buildings. The "shovel ready" pad sites are currently marketed for lease, build-to-suit, joint venture development or sale.