Holt Logistics Corp. says it has entered into a partnership with the South Jersey Port Corporation (SJPC) for the construction of a new, state-of-the-art marine terminal in Paulsboro, New Jersey.
The announcement was made at a press conference attended by Governor Chris Christie, Senate President Stephen Sweeney, the Board and staff of the South Jersey Port Corporation, various Gloucester County executives and representatives of Holt Logistics at the future site of the facility, located at the former Paulsboro BP refinery on the banks of the Delaware River in Paulsboro, Gloucester County.
The planned 190-acre facility will be the first new multi-purpose marine terminal to be constructed on the Delaware River in over 30 years, and is estimated to create more than 850 permanent jobs when the new Paulsboro Marine Terminal is fully completed.
"The Delaware River really has become a rising tide that can create abundant opportunities for new cargo and business growth for the entire region," said Leo A. Holt, President of Holt Logistics. "Thanks to the leadership and vision of SJPC and Holt Logistics, the Paulsboro Marine Terminal will be a modern, multi-faceted facility that will greatly increase shipping capacity for a full range of commodities."
The Delaware River port complex stretching from Wilmington to Trenton is known worldwide for safe and efficient handling of steel, forest products, project cargo, rolling stock and containers. World trade has rebounded and this region is one of the epicenters of a new phase of cargo opportunities for traditional and new commodities."
Holt Logistics explains that the redevelopment of the Paulsboro Marine Terminal is directly connected to the planned construction of the new Holtec International manufacturing facility in Camden. As part of its agreement with the SJPC, Holt will relinquish an important portion of the Pier 5 port facility at the Broadway Marine Terminal in Camden in exchange for the opportunity to energize the operation at Paulsboro, which has been vacant since the original BP oil refinery was permanently shuttered.
SJPC anticipates completion of a $170 million redevelopment of the Paulsboro terminal by next year. Holt will initially invest in excess of $10 million at the site, which represents the first phase of a private investment. As the facilities and surrounding industrial development areas reach their full potential, Holt anticipates larger investments into the port facility.
"Today's announcement is a prime example of what is possible when the public and private sector work together to benefit New Jersey citizens," said Governor Christie. "In conjunction with the expansion of Holtec at the Broadway Marine Terminal in Camden, these facilities represent a major step forward in implementing a long-term vision for the economic growth of the Delaware River and the South Jersey region, bringing enhanced economic opportunities and jobs for New Jersey families while improving quality of life for South Jersey residents."
The State of New Jersey issued several bonds totaling $170 million to fund land and infrastructure improvements to the Paulsboro site, which previously housed the BP refinery and had been closed for more than a decade while a plan to redevelop the site was formulated.
The completed site will encompass 150 acres of waterfront land, with possible expansion to 190 acres, and 2,600 linear feet of berth on the Delaware River, all of which have been raised above the flood plain to resist operational shutdowns in the event of major storms.