The Port of Baltimore is expanding through a new partnership.
Tradepoint Atlantic and Terminal Investment Limited are preparing to establish a 165-acre rail-served container terminal at Coke Point, Gov. Larry Hogan said, that officials with the project say will create about 1,000 new jobs in the region.
The project launches a major phase of Sparrows Point redevelopment, according to the release.
“Tradepoint Atlantic has quickly become a transformational force as one of North America’s most strategic and versatile commercial gateways and a magnet for major companies like Amazon, BMW, FedEx, and Volkswagen to build and expand their footprint in the region,” Hogan said in a release. “It has also solidified the Port of Baltimore’s status as one of the best ports in America, and today we are celebrating a joint partnership between Tradepoint Atlantic and Terminal Investment Limited, which will further expand the growth and competitiveness of the Port with the addition of an on-site 165-acre rail-served container terminal.”
A memorandum of understanding has been inked between Maryland, Baltimore County, and Baltimore city that will support a collaborative process between the three entities that will support the growth of the port, according to the release.
The port, according to the release, is the biggest e-commerce port, and one of the busiest, in the country, and supports 15,300 direct jobs and an additional 140,000 through activity at the port. It is near the top in the country for volume of cars and light trucks, roll on/roll off heavy farm and construction equipment, and gypsum. It ranks 11th in the country among ports for foreign cargo and ninth for foreign cargo.
“This is one of the most important and consequential announcements we have made since setting out with our initial plans to redevelop the former Sparrows Point Steel Mill,” Kerry Doyle, Tradepoint Atlantic Managing Director, said in the release. “This strategic partnership with TIL is only possible because of the tremendous investment in the expansion of the Howard Street Tunnel and highlights the lasting and growing opportunities here at Tradepoint Atlantic.
“The Port of Baltimore is a jewel of the Mid-Atlantic region and today’s announcement means that not only will the Port remain competitive with other major East Coast ports for years to come, but that we will gain a substantial advantage over them.”
By Brent Addleman