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Rail News Home Rail Industry Trends

6/28/2010



Rail News: Rail Industry Trends

N.Y./N.J port authority acquires property to expand container terminal


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The Port Authority of New York and New Jersey (PANYNJ) recently acquired a 98-acre waterfront terminal on the Port Jersey peninsula in Jersey City and Bayonne, N.J.

Coupled with a 2007 transaction through which PANYNJ changed the use of an adjacent auto terminal lease to allow for container handling, the acquisition will lead to the expansion of the Global Container Terminal to 170 acres, authority officials said in a prepared statement. The expanded terminal will become part of the Port Jersey-Port Authority Marine Terminal.

Earlier last week, PANYNJ also agreed to purchase a significant portion of the Military Ocean Terminal in Bayonne for future use.

Despite the recent global economic decline, authority officials believe the shipping industry will rebound. The transactions will ensure the busiest East Coast port has enough capacity to meet future demand, PANYNJ officials said.

The authority will provide Global Container Terminal up to $150 million to develop and construct additional space. PANYNJ also agreed to develop a rail facility on the adjacent Greenville property that could handle up to 250,000 containers annually.

Last month, the authority’s board of commissioners authorized PANYNJ to proceed with the purchase and redevelopment of Greenville Yards, a century-old rail yard in Jersey City. The project is slated for completion in 2013.


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