The Port Authority of New York and New Jersey (PANYNJ) is making two significant land acquisitions in a bid to better position itself for future growth.
The port has agreed to purchase the 98-acre Global Terminal on the Port Jersey peninsula in Jersey City and Bayonne. Coupled with an earlier transaction in 2007 to change the use of the adjacent Northeast Auto Terminal lease to allow container handling, the latest deal will lead to the expansion of the Global Container Terminal to 170 acres. The expanded Global Container Terminal will become part of the Port Jersey-Port Authority Marine Terminal facility.
In a separate development, the port authority has agreed to purchase 130 acres of property at the Marine Ocean Terminal at Bayonne (MOTBY), adding 4.5% to its total port acreage on both sides of the Hudson River
PANYNJ said the deal represents a strategic move to ensure scarce waterfront land remains available for port commerce under public stewardship.
“Keeping New Jersey’s ports competitive is vital to the state’s long-term economic growth,” said Governor Chris Christie. “This acquisition will enhance future business opportunities and help spur job creation.”
The Port Authority has tentatively agreed to pay the Bayonne Local Redevelopment Authority a total consideration of $235m over 24 years to obtain title to the Hudson River property together with permanent easements over the roadways on the MOTBY peninsula for operational and emergency use.
No decisions have been made yet by the port on how to redevelop the land parcel, which represents nearly one-third of the total MOTBY peninsula, but the port authority said the deal will lock in the land for port use and preclude other development.
Last month, the agency also approved a plan to purchase and redevelop Greenville Yards rail yard along the Hudson River in Jersey City, just north of MOTBY. With expected completion in 2013, the new facility will help remove as many as 360,000 refuse trucks annually from trans-Hudson crossings and New Jersey highways by moving New York City sealed containerised solid waste and other commodities by barge and rail.
“Our port has been one of the region’s most important economic engines and this purchase ensures its continued growth,” said Anthony Coscia, port authority chairman.
“Another critical component of our port growth strategy is addressing the Bayonne Bridge height issue and continuing to invest in our existing port facilities in Newark, Elizabeth and Staten Island.”
The port has agreed to purchase the 98-acre Global Terminal on the Port Jersey peninsula in Jersey City and Bayonne. Coupled with an earlier transaction in 2007 to change the use of the adjacent Northeast Auto Terminal lease to allow container handling, the latest deal will lead to the expansion of the Global Container Terminal to 170 acres. The expanded Global Container Terminal will become part of the Port Jersey-Port Authority Marine Terminal facility.
In a separate development, the port authority has agreed to purchase 130 acres of property at the Marine Ocean Terminal at Bayonne (MOTBY), adding 4.5% to its total port acreage on both sides of the Hudson River
PANYNJ said the deal represents a strategic move to ensure scarce waterfront land remains available for port commerce under public stewardship.
“Keeping New Jersey’s ports competitive is vital to the state’s long-term economic growth,” said Governor Chris Christie. “This acquisition will enhance future business opportunities and help spur job creation.”
The Port Authority has tentatively agreed to pay the Bayonne Local Redevelopment Authority a total consideration of $235m over 24 years to obtain title to the Hudson River property together with permanent easements over the roadways on the MOTBY peninsula for operational and emergency use.
No decisions have been made yet by the port on how to redevelop the land parcel, which represents nearly one-third of the total MOTBY peninsula, but the port authority said the deal will lock in the land for port use and preclude other development.
Last month, the agency also approved a plan to purchase and redevelop Greenville Yards rail yard along the Hudson River in Jersey City, just north of MOTBY. With expected completion in 2013, the new facility will help remove as many as 360,000 refuse trucks annually from trans-Hudson crossings and New Jersey highways by moving New York City sealed containerised solid waste and other commodities by barge and rail.
“Our port has been one of the region’s most important economic engines and this purchase ensures its continued growth,” said Anthony Coscia, port authority chairman.
“Another critical component of our port growth strategy is addressing the Bayonne Bridge height issue and continuing to invest in our existing port facilities in Newark, Elizabeth and Staten Island.”
