Port of Wilmington Purchases Nearby Property in Hopes of Expansion
In November, the Port of Wilmington closed a deal with the Diamond State Port Corporation (DSPC) and The Chemours Company to purchase the former Chemours Engineering site on Hay Road, located to the north of the port’s existing facility. The Port of Wilmington hopes to expand its port facilities there.
“While this purchase does not guarantee that a new port facility will be built at Edgemoor, it does give us a valuable option to market to potential investors,” said Secretary of State Jeffrey Bullock, the chairman of the DSPC. “The Edgemoor site will be marketed with Riveredge, located south of the Delaware Memorial Bridge, as DSPC’s two primary options for expansion. We are hopeful, of course, that in time both will be developed.”
“The purchase of the Edgemoor property by the Port of Wilmington from Chemours is an investment that is critical to growing our region’s economy,” said Sen. Carper, who was governor when the port was purchased by the state. “Making investments in transportation and infrastructure like this one create a nurturing environment for job and economic growth, which Delaware needs to remain competitive going forward.”
“The focus of securing tens of millions of dollars for the Delaware River deepening project was to create opportunities just like this one,” said Sen. Coons. “This is outstanding news for Delaware primarily because of the creation of well-paying jobs and subsequent strengthening and expansion of the middle class. I am also grateful to the good faith negotiations on the part of Chemours, the Diamond State Port Corporation, and the state of Delaware.”
This spring the DSPC released a strategic plan that concluded that expansion is vital to the port’s long-term survival. It also detailed the taxpayer cost of maintaining the current facility at $300 million over the next twenty years just to maintain existing businesses and their anticipated growth. The plan provided several scenarios for long term growth, which the port board endorsed, including the development of the Chemours site at Edgemoor.
The sale is expected to close in early 2017. The agreed sale price is $10 million.