N.C. international terminal project moves forward

A proposed international port slated for development in Southport, N.C., is a step closer to becoming a reality.

The N.C. State Ports Authority announced it has come to terms on a predevelopment agreement with CenterPoint Properties of Oak Brook, Ill. The Ports Authority said the agreement addresses the first step of the development process, and signals that CenterPoint is the leading candidate to be named the private development partner for the container terminal.

“Partnering with CenterPoint to get these questions answered brings North Carolina a step closer to moving forward on construction of this project, one that will place us at the center of global shipping in the U.S.,” said Carl J. Stewart Jr., chairman of the N.C. State Ports Authority Board of Directors. “The benefits of this project for our state will be profound in terms of the economy, jobs and the quality of life for thousands of people.”

The International Terminal could position North Carolina to capitalize on the growing demands of international trade with the United States. According to the N.C. State Ports Authority, demand is projected to double between 2005 and 2020.

When fully operational, it’s estimated the terminal will directly and indirectly support more than 475,000 jobs and result in $1.2 billion in state and local tax revenue.

“Global trade is growing, yet domestic ports will be unable to meet projected demands. Also, new ships coming on line are larger than most East Coast ports can accommodate,” N.C. State Ports Authority CEO Thomas J. Eagar said. “The proposed terminal, situated near the mouth of the Cape Fear River at the Atlantic Ocean, will be well equipped to handle the increased demand and larger ships coming from foreign ports.”

During the term of the predevelopment agreement, CenterPoint will provide the Ports Authority with answers needed to determine if the company will be the project’s long-term partner.

CenterPoint Properties is a real estate investment firm specializing in the development and management of industrial real estate and related rail and port infrastructure. The company has developed, financed and operated large-scale and transformative intermodal facilities in the Midwest and is expanding with additional projects around the nation. It also works with communities to create logistical hubs that capitalize on national and global shipping demands.

On the Web
N.C. State Ports Authority, http://www.ncports.com
CenterPoint Properties, http://www.centerpoint-prop.com